I've wondered if part of the discrepancy between the stock market and the broader economy, is that the pandemic is going to disproportionately crush small / private / not-publicly-traded businesses who don't have any financial buffer to weather a downturn.<p>Like, maybe Starbucks traffic is down 20% or whatever, but if 50% of their competition (independent coffeeshops) permanently close, they'll be better set up for success in the 5 years to come, and this accounts for their current relatively strong valuation.<p>(obviously even stronger in the case of AMZN, but even Target and Wal-Mart are benefitting from being allowed to stay open, while a lot of their competition was shut down -- speciality stores like salons and clothing stores were closed, but big-box stores selling everything stayed open)