Our goal for Investment Perspectives is for it to be one of the ways that we communicate our thinking (past and present) to clients and the general public. We believe that investing is an iterative process and we know of no better way to test our own thinking than to share it with others. We encourage readers to send us their thoughts or questions.
Latest Investment Perspectives
Panic and Patience
The year 2020 was unprecedented. We have heard this so many times that this narrative has become a cliché. However, looking into what makes 2020 a unique year is instructive. These are the times that truly test a disciplined investor, and this is where patience is of paramount importance. In this Investment Perspective, we take a step back to see what made 2020 a unique year and discuss why a patient approach to investing is required more than ever before.
The global pandemic and the oil-related crisis that emerged roughly a year ago led to the fastest market decline in the history of the stock market. Following the historic decline, we saw an equally quick recovery, but the more interesting development was the immense bifurcation in stocks between the perceived COVID-19 winners and COVID-19 losers. So called ‘stay at home stocks’ soared while travel, financial and energy related stocks were crushed as people spent more money online while stuck in their homes.
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