Carmignac's Note

Due to its unique severity, the 2020 shock is likely to have momentous long-range consequences.

Managing crises is every bit as crucial as making sure you don’t get the long-range implications wrong.

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