Bill Ackman on the Covid crisis and resiliency of publicly-traded companies

If you own super-resilient businesses, they’re going to do better than they would have had there been no crisis.  The stock market represents the strength of the best and most dominant, best-capitalized companies, and the stock market that doesn’t exist is a market of private, family-owned mom-and-pop stores, and that’s the decimated part of America right now.

~ Bill Ackman, "Inside the Greatest Trade of All Time—and What Bill Ackman Is Investing in Now," Barron's, September 21, 2020