This is undoubtedly the easiest money environment in our lifetimes. Investing is hard because there has been so much underlying damage that many industries and companies cannot be saved. B malls are gone for good. It is unlikely that they reopen at all. (thread)

A malls have a serious problem. Will people want to be in such a crowded place six months from now?
Retailers are a nightmare. There could be some quickie bankruptcies to get out of bad leases and remain only in the best A malls.

Airlines are burning as much cash as oil. Their "bailout" shouldn't leave anyone but their employees feeling bailed out. Even with unlimited credit, the debt will overwhelm the value of the business. This is devastating to equity.

Hotels are a basket case.
Occupancy is nil, operating costs are high, and valuations pre-corona were stratospheric. Defaults and foreclosures will pile up. There is no other way.

The casino industry faces similar problems. High debt, high fixed costs, brutally cyclical, and people need to not fear crowds.

Cruise ships have been covered by others so I'll just tag @Keubiko.

The energy industry is in shambles as are its creditors. Loose monetary policy has made energy credit worse because it lowered banks' NIM.

I have no idea what happens to consumer credit, but it won't be good. Auto credit likely gets killed because of awful underwriting and possible problems with securitizing loans (less of an issue now).

Real Estate should get a hand from ZIRP and I expect SFR real estate to. What are the knock-on effect of Corona? I'm moving out of my skyscraper and others may follow. CBD's will suffer. The WFH experiment will have worked for enough people to downsize office space.

There is a deep crisis at the Mortgage REIT's.
Mortgage servicing rights are quickly becoming awful liabilities because the servicer must advance payments if/when the borrower does not. The ones doing their own originating and securitizing are in worse shape. Some own bad paper.