Equities are the new toilet paper

Equity markets appear to have long been disconnected from the dire economic reality caused by the pandemic; with stocks near all-time highs, while the economy is still running significantly below its potential capacity. One of the reasons for this divergence has been the unprecedented fiscal and monetary support, which has made it possible to avoid … Continued

Taxonomy of a crisis

  We are in the midst of a crisis that cannot be easily compared to any other experienced before. This generates great uncertainty, which is reflected in unprecedented market volatility. However, from an investment perspective, this is “business as usual”, given that in every major crisis we find ourselves facing uncharted territory. Each crisis has … Continued