Edmond de Rothschild | As Warren Buffet likes to say, “You never know who’s swimming naked until the tide goes out. The exogenous shocks generated by the crises throw a harsh light on the real state of the market, and the excessive risks taken by investors are evident. The sub-prime mortgage and sovereign debt crises were good examples of this phenomenon. But while the financial shock of 2008 had an immediate impact on mergers and acquisitions and led to a collapse in valuations, what can we say about the effects of the coronavirus crisis?