Phases of Covid-19 crisis:
Early- to mid-March 2020:
Fear of the coronavirus outbreak spreading rapidly translates into
reality, with the number of cases accelerating globallyLate-March 2020 onward:
Social distancing measures + lockdownsApril 2020:
Fed stimulus suppresses near-term survival anxietyMay-September 2020:
Recovery of demand, with the phased lifting of lockdowns - no panic anymore with number of cases appearing to have plateauedOctober 2020-February 2021: Unprecedented
surge in Covid cases forcing a fresh round of lockdowns across the nationSince March 2021: Ongoing vaccination drive and gradual re-openings drive an
improvement in demand - buoying market sentiment
In view of the strong rally in Vail Resorts stock since last March, we believe that the stock has little room for growth in the near future even after factoring in an expected improvement in demand from the steady decline in the number of new Covid-19 cases in the U.S.