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This is a special edition of The Reader, your weekly round-up of stories you need to know from Fortune editor-in-chief Clifton Leaf.
As we enter the fifth month of this worldwide crisis, there are plenty of questions about how the coronavirus will reshape the global economy. How much damage will it do? Which industries will suffer the most, bounce back, be reinvented?
We have devoted our entire May 2020 issue to investigating answers. Virtually our entire editorial team has spent the past few months plotting data points on unfinished maps and doing our best to draw meaningful patterns among them. It’s guesswork, to be sure—though you might think of it as financial epidemiology as well.
But in the sea of seems-to-bes, maybes, and outright unknowns, there are also things that we do know—and cataloging those lessons will perhaps keep us from repeating our mistakes again.
Scroll on for the stories. Clifton Leaf
P.S. Please consider becoming a Premium member of Fortune. You’ll not only get to read all of our award-winning reporting and enjoy other benefits of membership, but you’ll also be supporting independent, authoritative journalism during an era when we need it most.
SPECIAL REPORT Business in the coronavirus economy
On the surface, the U.S. economy might appear frozen in place. Social distancing has, by necessity, shuttered restaurants, suspended sports leagues, and grounded the travel industry with shocking suddenness. But the crisis has also sparked fast-moving innovation—and that forward motion will be crucial to the economy’s recovery. In this Fortune Special Report, we explore how a range of industries—from energy to pharma to retail—are rapidly adapting to the new normal and preparing for life after the coronavirus.
MUST READ Everyone is using Zoom, but does Zoom actually want that?
Counterintuitively, the surge in usage isn’t necessarily a boon to its business, because so many of its new users aren’t, and may never be, paying customers. That challenge, at least from an investment perspective, may be an even bigger concern than security slipups. “I don’t think it’s sustainable to give your product away for free for too long,” says Alex Zukin, an analyst with RBC Capital Markets. In other words, Zoom's success when the world returns to normal is anything but assured.
BY MICHAL LEV-RAM
DON'T MISS How Seattle’s corporate giants banded together to flatten the curve
The city offers a playbook, one that points to the importance of collaboration. During the outbreak, information, aid, and solutions were rapidly passed around Seattle’s tight-knit business community and throughout the ranks of government. Suddenly some of the most cutthroat companies on the planet, like Amazon and Microsoft, weren’t trying to fight for market share. They were on the same side for once, trying to save their city.
BY ERIKA FRY
INVESTING
Veteran investors on what to buy in the coronavirus stock market
One investor is selling some Netflix. She picked up on-sale 2U, an ed-tech company, and Zillow, which she believes will benefit from “an acceleration toward online real estate shopping.” BY ANNE SRADERS AND JEN WIECZNER
AIRLINES
For airlines in freefall, the return route will be long and bumpy
Leaner and poorer, airlines will tread with extreme caution in putting planes back in service. Travelers will feel the difference, as routes and flights shrink. BY VIVIENNE WALT
These countries’ stock markets have been hit the hardest
To get a snapshot of where investors have fared worst, Fortune examined 100 of the largest and most heavily traded markets in the world. (Hint: It's not the U.S.) BY NICOLAS RAPP, BRIAN O'KEEFE, AND SCOTT DECARLO
More stories
Thermal-imaging tech is on the rise. Can it help fight the coronavirus? by Aaron Pressman The trillion-dollar question: How far will GDP fall? by Bernhard Warner Lessons from China’s color-coded apps for tracking the coronavirus outbreak by Naomi Xu Elegant and Clay Chandler AMD CEO Lisa Su on supercomputing and leading a global company during the coronavirus by Aaron Pressman
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