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There's No Vaccine Yet for Tech Market Excess

The excesses of the post-Covid rally haven’t been corrected 

Confidence that a vaccine will bring the economic disruption caused by the pandemic to an end appears to be wildly overdone

Lockdowns, on this argument, may actually be counterproductive. 

They slow the process of reaching herd immunity. There are more French, British and Spanish bodies still to be infected, and so the virus can take hold again. 

It is still far too early for supporters of the Swedish approach to declare victory. 

John Authers Bloomberg 10 september 2020

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