What could go wrong is generally a good question to be asking.

I think govts will eventually have to reduce spending or increase taxes. Both will be bad for economic growth. People have lost their jobs and businesses, which we're yet to see as a reduce in demand for goods and services. Could take a few years to recover. Bad situations give rise to bad politics, so we're could expect some turmoil to go with that. Hopefully some powerful dictators around the world won't decide to distract their populace with a war.

Back to shares though, for me the question is, how will the market react to this? Novice shareholders who only understand "buy when the price goes down, and sell when it gets back to where it was" will at some point stop buying because the graph won't show the price as "cheap" anymore. Then we will see the first announcements coming in that will either trigger a drop in sp due to fundamentals being weighed. This may cause novices to buy back in if they didn't get burned already, or prices might hold up as investors price stock on forward performance, under the assumption that next year will be good. Alternatively this could see another drop. One thing's for sure, if there's another year of poor performance, i think we'll see another drop.

But my suspicion is that after this V shape, we'll see a gradual drop and sideways movement over the next few years before things start to go gradually up again as we enter the start of the bull.

But hey, who knows?!

Nevertheless, it's a good time to be a trader, and a good time to be a long term value investor if you can avoid stocks with capital raises and pick the performers. I'd still rather be in a confident bull market though, life is much simpler.