Independent Strategy

The last light

It is striking how little is known, but how widespread is the conviction, that once the pandemic wanes things will return to “normal”. A giant V-shaped recovery is just around the bend! The logic is plain. We have never witnessed a crisis where virtually from one day to the next the global economy was shut down. It was as if, leaving the room, the players flipped the switch and the lights went out. So, it is not stupid to say when the same players are allowed to re-enter the room, they will just have to flip the switch and the lights will come on again.

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