What asset allocation for investors after the coronavirus crisis?

Once the coronavirus crisis is over, it is possible that: The memory of the very high volatility of listed asset prices (equities, corporate bonds) will generate a lasting decline in investor demand for these assets, which will lead to a rise in risk premia on these assets; Emerging countries' situation will deteriorate for a long time (capital outflows, low commodity prices) and emerging assets will therefore be permanently shunned; Long-term interest rates on risk-free bonds will remain unattractive for a long time thanks to central bank interventions; That leaves us with unlisted assets (residential - but not commercial - real estate, private equity, infrastructure), which will probably be overweighted.