Investors were slow to understand that this is not the sort of crisis from which we could expect an immediate and sustained V-shaped snap-back.
The path to recovery consists primarily of these three things, each in its turn:
First, any good news, of an enduring nature, depends on the restrictions that are slowing the progress of the coronavirus.
Second, increasing spending and reducing taxes, plus relaxing regulations, are needed to keep businesses and households viable.
Third, the timing and extent of the recovery will totally depend on renewed employment, as regular income alone will set the pace for household spending.
The path to recovery consists primarily of these three things: the success of restrictions that slow the progress of the coronavirus; government action to economically sustain businesses and households; and renewed employment that will set a pace for household spending.
This podcast (6:57) argues that the lengthy and painful process imposed by today's economic crisis will have the effect of turning "investors" into real investors, who buy for the long term, knowing what they're buying and why, and what they're avoiding and why.