From Motley Fool:

Stocks are in a precarious place at the moment. Most U.S. companies are no longer trading on anything close to their underlying fundamentals, but rather on pure speculation about what may unfold over the next 12 to 24 months. While a viable COVID-19 vaccine, or perhaps a convalescent plasma therapy, could emerge in record time, there’s also the chance that an effective pharmaceutical intervention may take years to develop. There’s no way to know for sure — a fact that simply isn’t reflected in the hefty valuations of many U.S. stocks right now. 

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