INSIGHTS

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

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.

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.

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

Re-opening the economy has become imperative although the risk of contagion is still there.

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.

For the first time in thirty years, geopolitics could once again take precedence over world trade

The end of a given monetary policy stimulus unavoidably raises the cost of risk, thereby reducing price/earnings ratios

The key question is whether protectionism will actually prove beneficial to the US economy. Chances are it won’t.

A simultaneous end to three cycles – monetary, business and political – still constitutes the primary problem facing financial markets