Just because a vaccine candidate can produce antibodies ('an immune response') in trials, does not mean it will provide immunity in recipients. Bit hard to understand unless you have studied biological sciences and immunology in particular. So whilst we may get candidates which appear to work - they may not protect recipients, for example: immune response only in say 50% of recipients, immune response lasts only a few months without further boosters, viral infection through lungs does not 'turn on' our immunity until virus is well established and contagious, virus mutates to survive. Further, an excessive immune response is what appears to cause the most serious disease leading to ICU admission and death. Lots to consider!

@USS ENTERPRISE The way the markets (especially US) moved to Hydroxychloroquine, Remdesivir news early during this pandemic, and the way the markets responded to earlier release of Moderna vaccine data suggests than even mildly positive data will light up the market. Remdesivir was showing a mild reduction of 10-20% in deaths lit a rocket under markets. One vaccine result might stink but there are 10 around the corner to give hope. I think there is far more good upside room for movement than bad for Roger’s stocks than downside risk.