Framing 2020 and Beyond

Despite the dislocation caused by the pandemic in the past year, risk markets are in record territory, buoyed by very significant monetary and fiscal stimulus. While the advent of a Covid vaccine is undoubtedly good news, there are vulnerabilities and risks in the global economy that will not disappear with herd immunity. The world will be a different place when we are no longer required to don masks. Understanding these changes will be key to successful long-term investing.