The Day After #10 – Rethinking the macro and cross-asset research: what we have learned from the Covid-19 crisis

September 4, 2020

Covid-19 accelerated markets’ entropy and risk takers will evolve their investment approaches

Crises create disruption and Covid-19 is no exception, bringing new complexities, new opportunities and new risks to the investment landscape.

From our research angle, we realised that the pandemic triggered:

  1. A fast-evolving macro financial environment.
  2. A common global ‘health’ shock affecting economies and spill-overs to the full spectrum of asset classes.
  3. A deep disconnect between macro fundamentals and markets.
  4. A larger role for central authorities in market functioning. Monetary policies in particular have been overwhelming asset classes’ specific drivers, blurring market correlations and inducing (dangerous) mispricing.
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