Agree with a lot of the sentiment but here's what I think is different. If this is anything like a new delta quite a few things (the economy, the Biden administration, the mental health of a segment of society, parents with kids in closed schools, the vaccination strategy) are close to the end of their ropes. If this thing is just more of the same, I agree. If this thing is even something as bad as a "new delta" or delta-type wave, the health authorities will feel obligated to "do something" and that something causes a few wheels to go off the rails. That's what I think the markets are pricing in: the possibility that this is a delta or worse * the negative costs it will inflict.