Despite the biggest disruption to life in a generation, it makes sense that stocks have barely declined. First, as we discussed last month, the market looks forward, and economies are already in the process of reopening. Second, the Federal Reserve is again backstopping the economy and flooding the market with liquidity. Similar efforts successfully saved the U.S. and global economy during the 2008-2009 housing and financial crisis. Most investors remember this. Third, investors are anticipating accelerated secular change, and bidding up the shares of large technology and other companies, which are perceived to benefit.