Global Covid-19 cases are rising daily including in the US and Europe (Fig 1), even as multiple vaccines are weeks away from becoming publicly available.
Save for a few very nervous weeks in Q12020, investors saw excellent returns across nearly every asset class as policy stimulus boosted the economy and vaccine breakthroughs permitted greater optimism about the coming year. As we head into 2021, our investment outlook remains constructive. But the most immediate concern is: how much more lasting damage will the virus do to the global population and its economy before vaccines bring it to a close?
Global economy still in the tunnel
