[Minor semantic note, anyone?  If you’ve doubled down on efforts to stay in communication with colleagues and friends {and no, I don’t own stock in Zoom, more’s the pity}, you know that there’s little need to feel socially distant; it’s physical distancing.  I find this perhaps pedantic distinction oddly comforting.]


Now an  update to our last column on this topic.

As John Maynard Keynes said, “When the facts change, I change my mind; what do you do?”  And as our own New York Governor Andrew Cuomo said just yesterday in his widely admired daily press briefing, when asked what “he thinks” is going to happen:  “I don’t think; I rely on the experts and follow the data.”

To that end, things are already looking more dire on the two fronts of mortality and depth/duration/severity of the recession we’re now in, globally.  Reinhart and Rogoff (see previous column) have already warned about widespread Emerging Markets national defaults, and the developed world’s corporate sector was massively leveraged a month ago.

Next up in this series:

  • Some thoughts on what “type” of demand law firms are supplying; and
  • What you should be doing.

 

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