Even the longest night gives way to the dawn…
Our Q4 newsletter last October ended with the following quote from Alfred, Lord Tennyson and it feels appropriate to repeat it once more despite the challenge of some very difficult months ahead.
Hope smiles from the threshold of the year to come, Whispering ‘it will be happier’
The dedication and brilliance of our global pharmaceutical companies has produced a series of vaccines which mean that, as we stand on the threshold of 2021, we can indeed look into this new year with renewed hope.
Financial markets ended last year strongly and after the huge falls in February and March the final three quarters of the year were surprisingly heartening for investors with double digit gains in a number of equity markets. Of the major markets, only the UK ended in the red with the FTSE100 index falling by 12% for the year. Bond markets too produced above average returns. The strength of financial market recovery was a testament to the speed and commitment of the policy response from Central Banks and Governments; the belief that economic recovery will be robust in 2021; the resilience of the corporate world to meet the challenge of the pandemic and ultimately in the astonishing speed at which these vaccines have been produced.