If you are a market participant who can’t shake the feeling that you have lost your touch for anticipating market behavior, you are not alone. We have taken to simply reminding investors that corrections can come at any time, which has always been true but has never been more important Read more
Really, there is only one long-term question facing investors at this juncture. Will the “new normal” that has emerged from the pandemic be enduring? Or will it prove a temporary aberration that, with however much ease or difficulty, passes and yields to the return of something more akin to the Read more
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
We have been asked over and over these past several weeks when we thought the bleep was going to hit the fan, and the market take another big plunge. The economic and investing environments are confounding — the tape action has the appearance of a bull market, yet so many 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
We’ve been concentrating on the fiscal and monetary response to the coronavirus pandemic. The responses are similar to the playbook developed in the wake of the Great Recession, but in scope and size, they are unprecedented. Our coverage has been primarily of the response of U.S. authorities so far. This Read more
Over the past several weeks, we have kept you informed about the monetary and fiscal stimulus being enacted in the United States in response to the coronavirus pandemic and the economic dislocation associated with it. The nature and extent of the economic slowdown caused by measures to combat the virus Read more
If you’re in lockdown, working from home, or otherwise practicing social distancing, we hope this letter at least offers the chance to think with us about the implications of current events for the economic, financial, and investing landscape. Perhaps it will even be able to briefly take your mind away Read more
As the coronavirus pandemic continues to unfold, investors’ attention is focused in two directions. First, the progression of the pandemic itself as a public health phenomenon. We believe that before a sustainable stock-market recovery can take hold, global investors will need to see improving news on this front. There are Read more
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