At the start of an annual gathering of professional investors in December, Jim Paulsen — the Minneapolis market analyst whose humor and knack for clarity has given him a national profile — brought up the elephant in the room.

He and other market watchers, he said, underestimated the economic and financial risks of the coronavirus as it rippled out from China in the first two months of 2020.

“We could have all decided that what we saw in China was nasty, and we could have decided that that really is going to make a mess here in the United States,” Paulsen, chief investment strategist at Leuthold Group, said at the Star Tribune’s annual Investors Roundtable.

Just as with TV sportscasters predicting winners before a game, the air of

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