If we assume that the market is rationally pricing future revenues (and I don’t personally assume that at all right now) then you have to look at early March as a prediction that things were about to get extremely terrible in a hurry. As a macroeconomic prediction, that seems like it’s actually a pretty good prediction —- based on where things are in the real economy. But the stock market has since decided that the actual outlook is about the same now as it was in October 2019 on the tail of a record expansion with 3.6% unemployment. That doesn’t seem so reasonable anymore.