The consequences of an extended economic shutdown: ACR

Alpine Capital Research letter to investors for the month of March 2020, discussing the consequences of an extended economic shutdown.Q4 2019 hedge fund letters, conferences and moreIn times of crisis, years seem to go by in merely days. Although it has only been a few days since our last note, much in the world has continued to change during these surreal times. Below is our latest update.Economic Shutdown? Investing At Crisis Era ValuationsWe believe that we are investing at crisis era valuations.As of yesterday, our EQR Strategy P/E was 6.7x based on estimated normalized cash earnings and o…

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