It's safe to say investors were in a forgiving mood back then. With stocks up 25% since, the time for patience has passed.
True, companies had had time to devise plans for a world reordered by the coronavirus. But stocks are also coming off their best quarter in 22 years, with valuations by some measures the most expensive in two decades. Add to that: earnings estimates proffered by analysts are even more speculative this time around, after 80% of companies refused to provide guidance over the last three months.
"Investors are going to start demanding a little bit more clarity -- whether it's good or bad, they just want to know," said David Lebovitz, a global market strategist at JPMorgan Asset Management. "If nothing else, managements have a bit more of a play-book for thinking about dealing with the virus than with the case back in March."