The recent stock-market crash and the Great Depression of 1929 share an unnerving similarity that suggests the recovery will be more painful than many investors expect
and hospitalizations in states that are reopening their economies. The newsflow culminated in the S&P 500 recording its longest daily losing streak since the thick of the crash in March.
They handpicked those two years because investors faced nearly identical economic conditions but played the recoveries very differently. More than any other class of stocks, cyclicals that are sensitive to economic growth were accurate prognosticators of what followed in both instances. "The weak and whipsawing of cyclical performance we saw in the weeks until this last one, which is far short of the classically clear resurgence that we observe in genuine recoveries, as cyclicals' vote of confidence to an upcoming economic recovery could indicate how fragile the underlying economic recovery might be and raises questions about whether the worst is over for the markets," Lapthorne said in a recent note.
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