“It hasn’t been that bad yet, but stock markets have already fallen in anticipation of [a recession]. And so the speed of discounting, information transmission, is very different,” the fund manager observes. Today, investors find themselves in a unique place. For hedge funds, the money has already been made on the easy shorts identified by picking off the coronavirus winners: Shopify is down 80 per cent and Netflix more than 60 per cent. Idiosyncratic opportunities “We’re in this interesting environment where everyone’s looking at what normalised earnings is, fundamentally. And not only do you have the normal economic cycle, where…