Covid-19 is a classic black swan event. It was unpredictable. It was completely underestimated at the start. And it will be easier to analyse in hindsight. But when we reach the point of hindsight is extremely difficult to predict.

We have witnessed significant trauma in financial markets as they struggle to compute the impact of Covid-19 on the global economy. While the scale and speed of market slumps have been severe, there are parallels in history. The most important thing to remember is that markets recovered. ..

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