I think Michael’s position doesn’t have much to do with covid, but a lot to do with 6b. The crisis is a coordination point for bursting a bubble. 6b says that there is very little new information, but the stock market is acknowledging a large backlog of negative news. The whole market was a bubble, but Boeing was the worst of the bubble (plus covid is news specifically about transport). In some sense this is a very strong rejection of EMH, but, “the market can stay irrational,” “noise traders,” etc.
I think Michael’s position doesn’t have much to do with covid, but a lot to do with 6b. The crisis is a coordination point for bursting a bubble. 6b says that there is very little new information, but the stock market is acknowledging a large backlog of negative news. The whole market was a bubble, but Boeing was the worst of the bubble (plus covid is news specifically about transport). In some sense this is a very strong rejection of EMH, but, “the market can stay irrational,” “noise traders,” etc.