Seven angels can dance on the head of a pin. At least that’s what these types of discussions feel like (Morgan Stanley Sees V-Shaped Recovery: I See W-Shaped Recession), where highly paid, highly educated people reduce extremely complex systems to letters. Letters. Upside down inverted VW recovery!

As previously discussed, language influences reality. In this case, we are letting the primitive English alphabet dictate how we interpret data. It is therefore necessary to expand our world view to include the more squiggly Arabic alphabet, and accept that we might be in for a sin shaped recovery, observable here in Hong Kong:

Or perhaps a a qaf shaped recovery, a la the DAX:

Irrational expectations captured in graphical form!