Succinct Summary: This week was the height of earnings season and it was a little surreal to see the magnitude of revenue declines in some industries. These declines weren't surprising though and many companies said that there were signs of recent stabilization. However, markets have pinned hopes on a V shaped recovery. If we don't get a V there could be a second wave of volatility. The most concerning data point from this week is that China and Italy are experiencing U shaped recoveries. Editor's Request: This weekly newsletter is made possible by donations from our readers. If you like what you are reading, click here to donate (Our suggested donation: $10 per month). Help us keep The Transcript going.