Winter is Coming
Summertime is over, literally and metaphorically. The ‘easy money’ from the market rebound has been made and we’ve now reached the difficult days that will test the confidence of the markets. A second wave of the pandemic, insipid economic recovery, renewed lockdown measures, over-reliance on policy support, rising global unemployment, the US election in November, Brexit, expensive looking valuations, and our old friend ‘unknown unknowns’ will all play their part in the ongoing narrative as we enter the long, dark, days of winter. Not the most cheerful of opening paragraphs I’ve ever written in truth but (spoiler alert) maybe the last paragraph of my conclusion will leave you in better heart.