Moneyland has lost its bearings

FOR WEEKS, I WATCHED THE EVOLVING CORONAVIRUS crisis the way one observes an avalanche: it looks distant until suddenly it is upon you. I was inclined to take advantage and “buy the dips.” Then, something snapped: I started selling. I wanted cash. I panicked.

There. I said it. And I’m saying it to dispel the idea that the response of markets to what is