Growing concerns about the impact of the coronavirus have seen global stocks fall sharply. Fundamentally, the virus is a difficult to quantify risk to economic activity and financial markets have responded accordingly. Bond yields are lower, yield curves are flatter, and cyclical stocks are bearing the relative brunt of the sharply lower stock-market. Unsurprisingly, a sharp fall in stocks is guaranteed to provoke much commentary. The usual flow of market narrative, prediction and advice swells to a flood, as an assortment of commentators feverishly colonise bandwidth and column inches. Most of this commentary begins with the implicit assumption that the…

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