Is this part of why stocks have slipped so much? Based on what I know of the market (what relatively little I know, I keep up with it, but it's not my day job), I'd have expected most of the volatility from coronavirus to be in the sectors most heavily affected by low foot-traffic. Instead companies like Google and Apple are down 30%. I doubt the anyone is seriously expecting COVID-19 to cause the average of Google's or Apple's profits over the next 20 years to fall by 30%, so it seems the market must have been oversubscribed? Maybe it still is. The S&P500 is still at a historically relatively high PE of 18.5 and a Schiller CAPE of 23.2, both of which will probably be even higher after earnings are announced next month.