If we go by textbook definition of stock prices, it is supposed to be the "present value of future cash flows". If we do not expect the society to be fundamenta

If we go by textbook definition of stock prices, it is supposed to be the "present value of future cash flows". If we do not expect the society to be fundamentally altered due to COVID-19, then future cash flows should not really be affected from what they were assumed to be in Jan-2020. So I would like to rephrase your question - what kind of permanent change do you expect in our society due to COVID-19?