Independent Strategy

Covid and zombies – the lasting economic pandemic

Report Date:  24th March, 2021

There is a problem that has been amplified by Covid-19. And it is one that is likely to prove longer-lasting — the growth of zombie corporations. These firms are burdened with too much debt, a problem that has been exacerbated by the pandemic. They suck resources from more productive sectors of the economy, contribute to inflation and lower profits. Their growing prevalence is bad for investors. They will drag on both equities and bonds. Diversification into real assets (like property and gold) and alternative hedges (such as cryptocurrencies) look sensible.

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