Efficiency has to be integrated over a timespan. Despite all the disruption, I'd be surprised if it were on the whole more efficient for companies to optimize

Efficiency has to be integrated over a timespan. Despite all the disruption, I'd be surprised if it were on the whole more efficient for companies to optimize for resiliency... for an event that happens once in 100 years. Rather than fall back on central banks & governments, and expect them to throw everything and the kitchen sink at it. Ideally, though, what the government will and won't do should have been communicated well in advance of a pandemic, so that everyone had an even investment playing field. Piecemeal bailouts are asking for insider trading.