“Even companies with copious amounts of uncertainty about their...

“Even companies with copious amounts of uncertainty about their outlook as things stand today are catching a bid e.g. the travel stocks.”


Yeah, but there’s no consistency there either; some stuff with uncertain outlooks got crunched in March, and the crunching continued apace since then.

For example, listed commercial real estate companies are merrily trading at levels equivalent to less than one-third - in URW’s case I think it might be less than one-fifth by now - of what it would cost to replace the buildings owned by those companies.

Sometimes the market affords generous benefit of the doubt; other times it is mercenary in its judgement. It’s a fickle mistress.