Carmignac's Note

The current regime shift in financial markets calls for a cautious approach to both fixed income and equities

Though we remain fairly constructive in the short term, we’re uncomfortable with the consensus among investors as the year gets under way.

It will take a long time for even a robust upturn to repair the colossal damage done to the economy in 2020.

It will take a long time for even a robust upturn to repair the colossal damage done to the economy in 2020.

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.