Chart Update, page-11811

That is what you said at 5400!! I think you need to think about the fact that the stock market represents the best of the best companies in their respective countries. 80% of all cafes and some local stores could close while having a negligible impact on the top 100 companies in Australia. The broader economy may not recover quickly but that does not mean the stock market isn't going to recover swiftly.
If you owned a business that was temporarily seeing lower sales due to Covid and there was a guarantee that normalised sales would return in 1 to 2 years, would you value/sell your business at half its fair value prior to Covid? I think most business owners wouldn't even sell at 80 or 90% of fair value. I would value the business more or less the same as it was before covid came about (provided there was enough liquidity to get through the lower sales period - something a lot of business have ensured through capital raises). You seem to think that because the economy is in shambles so should the stock market but in my opinion that is not true.