Carmignac's Note

Whole sectors of the economy will have to adapt to what are bound to become lasting shifts.

The economy is being “re-opened” although the risk of contagion is still there.

The shock to confidence affecting all economic agents seems hardly conducive to a V-shaped recovery.

Periods of panic are the mirror image of periods of exuberance. They take their start from concrete facts which are then escalated into extreme anticipations

It’s in China where we currently see an expanding range of equity investment opportunities

The secular slowdown and the liquidity bubble reinforce our long-term convictions.

None of the roads open to investors in this late-cycle period looks like it will lead very far

China won’t be kick-starting the world economy the way it did in 2016. So that leaves the job up to the Fed

The current balance is threatened by a possible US monetary policy lag behind the global economic slowdown