COVID-19 has caused a large and unexpected shock (I am avoiding using the buzzwords of ‘unprecedented’ and ‘black swan’) that, among other things, has called into question how many of the ‘lessons learned’ from the GFC were actually committed to long-term memory.

While on average most ASX-listed companies have managed the crisis reasonably well, it’s remarkable just how many of them came into this pandemic with insufficient liquidity or financial flexibility to see the business ‘through the cycle’.

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