No business is great when times are bad. If everyone is out...

No business is great when times are bad. If everyone is out there suffering you cannot charge supernormal profits. Companies that are protected (eg Telstra) are absorbing some of the costs borne by customers. All elective surgeries have been cancelled- the defensive private health industry will be bleeding money. Trans urban- the archetypal toll road- is suffering from a much worse demand blip than anyone else.

what you are saying is frankly stupid. This is market panic, amplified by quants, who are extremely panicked because all of their correlations that their models are built off don’t work because this is something new/different where the old correlations don’t apply. So the pattern we have seen so far is the pattern of old- high beta sold down low beta protected, but when the panic lessens, there are opportunities for the astute stock pickers who can assess the likely outcomes of the current events.