Not surprisingly, in the first four months of 2020, only six of the EURO STOXX 50 had positive return and the average return was -24.4%, according to Shareholder Return of the EURO STOXX 50 Companies: 2004-2020 (April 30) from Pablo Fernandez (University of Navarra—IESE Business School, Spain). Even considering only the period December 2018 to April 30, 2020, 26 companies had positive return, but this group, as a whole, lost value, with an average return of -3.2%. Eduardo de Apellaniz, also of the IESE Business School, co-wrote the study.