My view is that broad equity markets have not yet priced in the...

My view is that broad equity markets have not yet priced in the full extent of all this. I wish it was the case because it hurts all of us - even (to a lesser extent) those fortunate enough to be all in cash (I am partially since before this started, but by no means fully). The Yanks, who heavily influence so much of int'l sentiment, were in denial until only very recently and are still well-behind the re-rating curve, imo. If one's views are in the same general direction as the mob, but further ahead of it, it doesn't make one a member of that particular herd. It's good that WEB and (v.shortly) FLT are strengthening their balance right sheets now, before the herd catches up.