We pay particular attention to embedded beliefs in financial markets and assess risks and opportunities in this context. We look to identify how new information—or the changing interpretation of existing information—may influence asset prices, along with the views and behaviors of other market participants.

This is what we know about the coronavirus:

According to Farr’s Law, formulated in the 1800s by British epidemiologist Dr. William Farr, epidemics follow a pattern of sharp increase, a peak, and then a decline to a baseline. China’s experience with the novel coronavirus resembles a somewhat flattened bell curve and confirms this pattern.

China’s extraordinary measures h


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