Payne's Perspective: March 23, 2020: Retreating to Win
"We must be very careful not to assign to this deliverance the attributes of a victory. Wars are not won by evacuations." Winston Churchill, June 4th, 1940
Winston Churchill was being quite modest upon the conclusion of Operation Dynamo that saw the evacuation of 338,266 British and France troops from Dunkirk, France. The planning began on May 20th, and eventually included an array of warships and volunteer civilian boats.
On the first day, 7,000 stranded troops were evacuated but the numbers swelled in the most literal version of ‘all hands on deck’ imaginable. There were enormous sacrifices of allied forces, coupled with Germany’s indecision for a final attack that also included forces that bought precious time for the evacuation.
Some historians say Hitler thought the devastation to British forces meant they would never return to continental Europe. Meanwhile, there is unanimity among historians that this retreat, contrary to the words of Churchill, was “one of the great turning points of the war.”
V For Victory
Beating the coronavirus will be the ultimate victory, resulting in the ultimate snapback rally in stock market history. V will stand for victory, a V-shaped rebound in the stock market.
I’ve said it from the start. This will be about how many things are postponed versus how much of the economy is simply canceled.
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