Michel Pireu Columnist

It’s probably safe to say that this is the first time most of us have had to make investment decisions during a pandemic, a situation that introduces a witch’s brew of variables with unpredictable consequences. There is a credible case for inflation, and there is a credible case for deflation. What shape will the recovery take? Will there be a second wave of closures?

There are multiple feedback loops, and when one’s assumptions about the virus, the recovery or the effectiveness of government programmes change, there are typically implications for portfolio construction as well. Not knowing what to do with this concoction and in the search for a few insights, we turn to the letters fund managers are putting out to clients.

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