{"title":"COVID日记:寻找投资宁静","authors":"A. Damodaran","doi":"10.2139/SSRN.3799691","DOIUrl":null,"url":null,"abstract":"In early February of 2020, when US equities were hitting all-time highs and the US economy was showing strength, a virus, that many believed would be isolated to China and cruise ships, surged into the rest of the world. The resulting economic shut down put stocks into a tailspin, starting the COVID crisis clock. In the days after the meltdown started, I kept a journal chronicling market events and trying to make sense of them, partly to recover my investing balance, and partly to keep a record of my uncertainties and fears, in real time. That journal became the basis for fourteen posts on the crisis, with the first one on February 26, 2020, just a couple of weeks after it started, and the last one on November 5, 2020, as the first vaccines were being readied for approval. In this paper, I use those posts to look at how the crisis played out in markets and across companies, and I use the winners and losers to make judgments about post-crisis lessons for companies and investors.","PeriodicalId":124312,"journal":{"name":"New York University Stern School of Business Research Paper Series","volume":"7 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"A COVID Diary: Searching for Investment Serenity\",\"authors\":\"A. Damodaran\",\"doi\":\"10.2139/SSRN.3799691\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In early February of 2020, when US equities were hitting all-time highs and the US economy was showing strength, a virus, that many believed would be isolated to China and cruise ships, surged into the rest of the world. The resulting economic shut down put stocks into a tailspin, starting the COVID crisis clock. In the days after the meltdown started, I kept a journal chronicling market events and trying to make sense of them, partly to recover my investing balance, and partly to keep a record of my uncertainties and fears, in real time. That journal became the basis for fourteen posts on the crisis, with the first one on February 26, 2020, just a couple of weeks after it started, and the last one on November 5, 2020, as the first vaccines were being readied for approval. In this paper, I use those posts to look at how the crisis played out in markets and across companies, and I use the winners and losers to make judgments about post-crisis lessons for companies and investors.\",\"PeriodicalId\":124312,\"journal\":{\"name\":\"New York University Stern School of Business Research Paper Series\",\"volume\":\"7 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-02-26\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"New York University Stern School of Business Research Paper Series\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/SSRN.3799691\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"New York University Stern School of Business Research Paper Series","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/SSRN.3799691","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
In early February of 2020, when US equities were hitting all-time highs and the US economy was showing strength, a virus, that many believed would be isolated to China and cruise ships, surged into the rest of the world. The resulting economic shut down put stocks into a tailspin, starting the COVID crisis clock. In the days after the meltdown started, I kept a journal chronicling market events and trying to make sense of them, partly to recover my investing balance, and partly to keep a record of my uncertainties and fears, in real time. That journal became the basis for fourteen posts on the crisis, with the first one on February 26, 2020, just a couple of weeks after it started, and the last one on November 5, 2020, as the first vaccines were being readied for approval. In this paper, I use those posts to look at how the crisis played out in markets and across companies, and I use the winners and losers to make judgments about post-crisis lessons for companies and investors.