Ever the best intentions

The pandemic might have shattered the economy and ushered in ever more aggressive interventionism from the monetary and fiscal authorities. But the investment implications have not shifted quite as much. What has changed is the rationale and conviction underpinning them. Central bank dominance in costing capital and aggressive asset purchase programmes have undermined the pricing role of markets. That will be lasting. Government bonds will deliver nothing, growth focused equities will remain the premium asset of choice and all currencies will be weak. You’ll notice when measuring them against gold.

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