Racing can benefit from its experiment with ownership in the age of coronavirus

Zoom, the ubiquitous video conferencing tool of the lockdown, is worth more than the world's seven largest airlines combined, according to newspaper reports at the weekend. An unsurprising fact given the times we are living through, perhaps, but still startling when you stop to consider the yawning disparity between the respective firms' revenue-generating capacity.

Last year, Zoom Video Communications generated revenues of around $620 million. Even allowing for the certainty that figure will rocket this year, it is a drop in a big ocean compared to the almost $28 billion produced alone by IAG, parent company of British Airways. Delta, the world's largest airline, recorded revenues of $47bn last year.

This development is illustrative of how susceptible stock markets are to the twin emotions of fear and greed, but it also reveals how our world has been thoroughly shaken by lockdown, creating a widespread conviction that even when things return to normal, it won't be a normal any of us would have recognised three months ago. Air travel out, video conferencing and working from home in.