Independent Strategy

War horse

Fighting them on the beaches is different when the invisible enemy is little purple and red Covid blobs with spiky horns swirling around in your head. Unlike the war economy it suffers from a simultaneous dearth of demand and an almost total interruption of supply. Both the supply and demand

sides of the economy shut down. If this lasts a month it is sustainable. But if it lasts longer the damage to both supply and demand could be more enduring and potentially sufficient to cause a depression. Our view is that the effects of Covid-19 will be felt for quarters — not months.

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