He expects a vaccine sometime next year; the market is making a big bet that at least a treatment will emerge. This is a pretty fair bet. Governments have no choice but to pay people to stay home or else they'll riot in the streets. No one knows what will happen to the economy. He came into March holding 25-30% cash and spent half that, but was caught off-guard by the rally. So, he has sold some stocks to raise cash. He sold some of his cyclicals.

Sitting on a lot of cash. What to do? Start buying in underperforming areas, like Canadian banks and some consumer stocks. The banks offer good dividends. Insurance companies have also been beaten up and worth looking at. You can buy a little in these areas without undue risk.

Cryptocurrencies: will this be the future and completely replace cash? Only buy what you know. He's never gotten a satisfactory answer about the value of cryptos. So, he's steering clear of them. Every central bank now is printing money; world banks won't reset and aren't going anywhere.

A long-term bond or ETF in oil and not buying an oil stock Oil/gas bonds in Suncor or CNQ pay only 3%, or else you buy indebted oil companies that may not survive. He avoids commodity stocks. Oil needs to rise past $55 to really thrive. This could be a depressed industry for a while. Cash is a good idea.