2 years agoCue the video:
My take: CNBC was really shoveling out the Apple doom and gloom Monday.
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Unfortunately, we live with a media circus where lies are given equal weight as truth, where there is no fact checking, and no accountability.
Long-term investors of course are aware of all of this. But it doesn’t stop the uncertainty and anxiety. The historic point swings make the stock market look like an out-of-control craps table.
I expect we’re going to see a lot more investors sit on the sidelines, waiting for the media echo chamber to report some “good” news.
Like a hungry mutt with an ass-flavored milk bone the media beast is not going to stop chewing on this… until something more meaty comes along.
As I commented here days ago, AAPL could go to 260 for a typical correction of 20%. At this point I fully expect that to happen. How long it stays down there of course, is entirely up to the news cycle.
About 2200 people have died from the Coronavirus worldwide so far, which is a proportion of 2200 / 7,650,000,000 = .000003, or about 1 in every 330,000 people, give or take.
Meanwhile, worldwide, about 250,000 to 500,000 people in the world die from the flu every year.
I think investors have hit an exhaustion wall. They are emotionally exhausted after reading all the sensationalized doom and gloom over the last month THAT HAS YET TO MATERIALIZE.
As David’s brother points out, and I and others have stated several times, the number of coronavirus infections/deaths experienced so far pales in comparison to garden variety flu, an affliction for which there is a vaccine.
A great example of this media sensationalizing an issue is the headline that reported cases in Italy TRIPLED in the last 7 days. The reality was that reported cases went from ~125 to ~375, hardly numbers to get excited about. Hell, more than that are killed each week, across the Middle East, by religious fanatics.
Look how little reporting was given to Moderna and Gilead Sciences report that they have 2 promising Vaccines (initially reported by the WHO) for coronavirus entering trial stage. These articles give the reader hope, and that is at odds to the media’s self-imagined mission (there’s no blood and gore in hope).
Give it another 2 weeks and SOMETHING NEW will get the media’s attention and coronavirus will become page 2 news.