The onset of the current crisis has exposed fragilities in the global economy caused by a long obsession with efficiency, to the exclusion of all else.
It is one thing to run 'just-in-time' processes and 'pared-to-the-bone' cost structures but, as happens in all other long economic expansions, there is a whole extra level of risk when balance sheets are run to optimise returns to equity.
In other words, it is bad enough when a business has insufficient capacity to account for a change in conditions, but serious wealth can be lost when management has taken the balance sheet on a joyride to juice the equity returns.
Fortunately, with memories of 2008 still raw, both the policy response and the response of companies has been swift and its magnitude unprecedented.
The measures undertaken by governments globally shows the determination to ensure that a sharp recession does not become a depression.
We believe it will work and many companies will emerge stronger. We also hope lessons will be learned about efficiency not being the pinnacle of corporate purpose - at least for a while.
Some businesses will find new opportunities. It is always difficult to spot the winners ex ante but you have a better chance than most of picking the better opportunities if you are hunting in a pool of conservatively-managed, well-invested companies.
At this time however, there is a material risk the world will never go back to exactly as it was, and some business models might simply no longer work.
One needs to think deeply about whether risks to some businesses may permanently impair their value and steer clear.
Furthermore, one may be tempted to hide in the winners of the past decade. This is dangerous; valuations in some of these stocks are very high indeed, and the factors leading to their outperformance in the long bull market could reverse.
This is especially true if one of the lasting effects of the extraordinary policy response is an inflationary impulse in a few years' time.
Jamie Ward is manager of the TM CRUX UK Core fund
• Balance sheets are improving rapidly
• Opportunities arise from crises
• The world has changed and some companies may never return to the old normal
• Valuations in popular safe havens are far from attractive