The the companies were accurately priced prior to COVID then that would be the case. If companies were in an overvalued bubble before COVID then that would not be the case.
The Great Recession led to 236,000 excess cancer deaths[1]. If the great lockdown is as bad or worse then the excess cancer deaths could exceed the deaths from the disease.
Over 26 million people in America have lost their jobs because of this which puts the unemployment rate over 20%[2].A 2017 study showed that a 1% increase in the unemployment rate increases the opioid death rate by 3.6%[3]. Suicides are also likely to increase. For every one point increase in the unemployment rate there is a .78 point increase in the suicide rate[4].
There are also hundreds of millions around the world who are on the edge of subsistence. Millions have escaped poverty due to economic progress will now be thrown back into it. The UN has warned that "hundreds of thousands" of additional children will die due to the economic downturn and around 50 million children could fall into extreme poverty[5].