Chat about Novel Coronavirus - 2019-nCoV - COVID-19

NO JOB AND £1/L

Global economies need a readjustment. Business just doesn't make sense anymore, companies that have valuations in the billions making larger losses each year, consumerism fuelled by cheap debt, providing products and services you neither want nor need. It's all fucked.

Here cometh the reaping

It's going to be the poor who pay, whatever is coming.

I didn't watch sport before but I'm going to watch old rollerderby on youtube and start in like 2018 then follow the games in order like it's happening for real. If people haven't watched it then missing out, I've almost been able to learn the rules.

Random game play starts about 4min - https://www.youtube.com/watch?v=jjFHJQuRdSM

Definitely not cool. Just a different time and a fun time.

Crap speakers playing indie punk, ripped skinny jeans and a lot of hair.

Isn't it always

Sounds like a laugh, I didn't manage to figure out German from watching half of Paris Nice because we don't have the license for it in English though.

Edit: wow there is a lot to learn!

Global economies need a readjustment. Business just doesn't make sense anymore, companies that have valuations in the billions making larger losses each year, consumerism fuelled by cheap debt, providing products and services you neither want nor need. It's all fucked.

Here cometh the reaping

What would it take for SoftBank/OYO/WeWork/Uber/AirB&B etc to fail? Too many unicorns valued in the billions with hardly any assets/profits to back those valuations up if you ask me.

On the subject of mortgage holidays, should buy to let landlords have access to these as well or should they be on primary residence only?

I'm not sure a massive exogenous shock tells you much about whether unicorns were over valued before. Many companies will fail across the spectrum due to a factor that most investors simply don't predict for. How many companies have 3-6 months worth of overhead costs in cash reserves?

As someone who has faced redundancy three times now I can safely say although slightly scary it doesn’t hurt and you’ll be amazed at how quickly things change.

Little solace to those facing it, myself included really, but that’s my reality of it.

Shit but not the end.

No one has a rainy day fund any more. I’m amazed how hand to mouth businesses are in terms of cash.
Is it because interest rates are low so any cash is literally sitting in an account depreciating in real value?
I’m sure it’s not so simple.

101 in business schools is return cash to investors and leverage debt.

Exceptions like the tech giants sit on piles of cash. At the end of this I imagine the likes of Amazon will be picking up distressed businesses and further consolidating dominance.

Marble racing also recommended, from the one vid I've watched. Surprisingly thrilling.

Renfe have refunded train trip
AirBNB are doing refunds
BA have offered voucher for future travel for one of our trips
I've got another two flights that will almost certainly not happen but I'll need to see who with and what they're doing. Think we'll wait a bit longer to score cash from BA rather than a voucher.

I have pretty spendy travel insurance with Yellow whatsit for racing. I wonder if they will cover any of this mess. I'm waiting to be told flights are cancelled. I mean, if USA has travel ban for us that's kinda me fucked.

Didn't WeWork already fail?

SoftBank Threatens to Unravel $3 Billion WeWork Stock Deal
https://www.bloomberg.com/news/articles/2020-03-17/softbank-casts-doubt-on-deal-to-buy-3-billion-in-wework-stock

Some companies (travel and insurance companies) are hiding behind force majeure clauses in their t&cs. For some it’s there and others it isn’t. Depends how much time you want to spend arguing the toss.

Marble racing is where the action is, Gideon. Get on it. So compulsive this year in isolation will fly by.

Not sure if this has been posted but worth a read - some good news from around the world

Eurostar only allowing an exchange to vouchers for travel up to 7th April. I've got tickets booked on 14th, gonna sit tight and wait for their policy to change

WFH until further notice for me, already bored of it. It was only a recommendation before but now it's enforced. Feels like cabin fever is already setting in & it's only bleedin' Tuesday.

I got the issue yesterday afternoon myself. Same. WFH until further notice. My manager said that this is at least for another month. I've been self isolated for the last 2 weeks after a holiday. I've put my gym membership on hold. Cabin fever is a serious possibility. I've managed to stave it off as this is quite novel (pun intended). But I suspect this won't last. Not sure how I'm going to maintain my focus for work as work is dry to say the least.

A big shock tells you a lot about whether they are overvalued. Their valuations are reliant on continual growth and the shock shows that this isn't possible.

They're highly leveraged, debt making monsters and if they're not capitalised in the next few weeks a lot of them are going down. Those that don't will be revalued.

A few years ago I broke my foot and worked from home for like 2 months and cabin fever is a real issue. The tips you see people giving about still getting properly dressed, having somewhere different to sit etc. are all helpful, but to people new to working from home, try to speak to people in the day. Whether it's a voice call to catch up with colleagues or just phoning a mate, having an actual conversion with someone that isn't typed will help a lot.

In addition to the vaccine that is probably a year away there is the potential benefit from throwing various anti-viral drugs at it while we wait for a tailor made drug. Initially I thought the news of some lady being cured by HIV treatments were bogus news, but from what I am reading now it there is something to it.
It's a blunt tool, the equivalent of shaving your head to beat lice, but apparently it means patients can be discharged from hospital sooner hence relieving the overall strain on the health services.

The tips you see people giving about still getting properly dressed, having somewhere different to sit etc. are all helpful.

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