Stocks soared today, with the Dow Jones Industrial Average rallying more than 1,000 points twice—first at the open, and then, after giving it all back in a sickening rerun of yesterday’s 2,100 point plunge, once again. Sometime just before lunch, then, would have been an excellent time to buy—or so you’d think. But then, you are not a self-certified stock-market genius like Kyle Bass. Don’t get him wrong: The professional Schadenfreudist is not among those who believes that the coronavirus portends the beginning of the end of civilization. It’s just that you’re a goddamned sucker if you think today was the beginning of the end of the hysteria, market or otherwise.
“If you’re asking for when the financial markets see peak virus, I think it’ll be about a month from now….”
Bass says he’s not buying or selling, instead he’ll just be watching “one of the most interesting financial collapses that we’ve seen in the past 15 to 20 years….”
“There will be some amazing things to purchase on the back end of this,” Bass said, singling out theme-park operator Six Flags and the airline sector as the kind of investments that will get hit the hardest but also rebound the quickest.