I think you have missed the fundamental point.
The "Market" re rated NABs SP down around the $15 /$16 level precisely because we had a pandemic and an unknown ability to secure a vaccine. (As is the norm the market tends to overshoot whether in doom or glee.)
It was at that time the naysayers came out of the woodwork and spouted off all manner of doomsday predictions and that NAB (and of course others) would continue to fall away into single figures etc etc. (Which I found ludicrous and would certainly have pointed to very severe economic issues for all of us)
While a vaccine was unknown there was always the likelihood that we would at least come up with various treatments even if only successful to varying degrees.
I am also not talking about the recent larger rises but the more telling time when the market had a better handle on expectations and adjusted to the situation. At that time NAB Sp settled in around the $16 / $18 range and much of the chicken little comments started to dwindle. (The habit of starting to death ride a company in fundamentally sound shape at a low point in SP seems to be illogical and was the main point!)
I do not expect immediate return to any stellar results however NAB (like the others) will still be a big part of the Aus business and investing community as it will continue to generate income to pay much needed tax and a dividend return in line with much lower expectations in current environment.
As you say, no doubt we will still see further economic fall out, we are now in a much bigger debt hole and there is considerable uncertainty with some trading partners.
Nothing new there and markets will continue to go up and down.........................!!
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