It's just QQQ and S&P now

[unblock]

7. Agreed. The difference is I think restaurants remain tough but viable long term

Once the pandemic ends I think restaurants can return to "normal", though as you note, the lasting impact of a severe contraction will have an effect, but that's just the normal effect of tough times.

Interestingly, cheaper restaurants can do fine during recessions. Some eat out less of course, but others downscale from fancier restaurants. So the fancier places get crushed, but the cheaper restaurants usually get by.

This recession is harder to figure because most of the fancy restaurant clientele is white collar and not hurt nearly as much by the crisis.

Retail is more structurally screwed as you said.