With further analysis of trial data, Pfizer [NYSE: PFE] has joined Moderna [NASDAQ: MRNA] in the 95% stratosphere of first-blush Covid vaccine efficacy. MRNA’s prospective vaccine, on the face of it, will be easier to roll out, since its storage requirements are not as onerous as those of PFE’s entry, Read more…
The recession caused by the pandemic lockdowns has led to astronomical spending increases by the Federal government, and the monetization of a torrent of newly created debt by the Federal Reserve. This coordinated monetary and fiscal response sets the current crisis policy apart from what followed the Great Financial Crisis Read more…
For some time the market’s action has reminded us of a verse from the New Testament: For whoever has, to him more shall be given, and he will have an abundance; but whoever does not have, even what he has shall be taken away from him. Matthew 13:12 (Of course Read more…
For several weeks we’ve been presenting data that offer reasons for optimism in the face of the covid pandemic. We see reasons to think that the public health dimension of the pandemic may be closer to a resolution than the consensus believes. Better understanding of the demographics of the most Read more…
Markets have continued to rise and fall on the basis of the prospects for the rollout of an effective covid vaccine. Recent news from Russia that their authorities had approved a vaccine was greeted by market enthusiasm and medical skepticism, since the treatment hasn’t been through complete safety and efficacy Read more…
In each earnings season, banks are among the first to report and help set the tone for what investors expect moving forward. We already knew that the second quarter of 2020 was going to be an earnings apocalypse — so much so that the quarter itself is largely irrelevant for Read more…
Like everyone else, we have been closely following news and analysis of the disease dynamics that have been developing as states have gradually eased the “safer at home” provisions that were implemented in late March and early April. In this case, for investors, reality is ultimately more significant than public Read more…
As we noted last week, some of the social and economic changes wrought by the covid pandemic will be enduring and not just transitory. Many companies well-positioned to benefit from these new or newly strengthened themes have seen their stocks outperform in the year so far, and although volatility certainly Read more…
Since the pandemic broke, it’s been apparent to us — as it has to many other investors — that the virus would bring significant social and economic change in its wake. The post-covid world would be different from the pre-covid world, and those changes would benefit some sectors, industries, and Read more…
Two weeks ago, the worst single-day decline since March was blamed in part on emerging signs of a second wave of coronavirus illness in some reopening states, particularly Florida, Arizona, and Texas. That nervousness in turn raised fears that in some locations, authorities might need to re-institute lockdowns or tighten Read more…
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