Value investors will find enough bargains

But they must look for a cushion of safety when taking long-term positions

The latest round of economic projections remains gloomy. There will be a global recession for several quarters. It will be deep and it could turn into a full-scale depression. When it comes to recovery, different industries will have very different recovery times.

Manufacturing industries have supply chain issues due to global lockdowns. Industries, such as tourism and shipping, will also have to wait for demand, which has collapsed, to recover.  The global demand for industrial metals, energy, and industrial chemicals could remain muted for a long time.

The Society of Indian Automobile Manufacturers, the apex industry body, estimates plant closures by automakers