Investors who want to look beyond the day-to-day concerns of second lockdowns and the shape of economic recoveries should focus on one word: Resilience. Both moral and practical arguments are being made for why investors need to worry that future profits will be sacrificed to make companies stronger and better able to survive a crisis without needing government help. That means more cash trapped on balance sheets and fewer dividends and buybacks.

Source: Wall Street Journal July 01, 2020 12:00 UTC