bonds

In lockdown, I have been watching the blockbuster Deutschland 89. There’s a moment in the hours before the fall of the Berlin Wall when the top-dog commissar considers whether to shoot himself—but a little piece of hemp consoles him with the thought that times of change are times of opportunity, times that bring up new winners.

Humility can be a powerful asset for a family business leader, stimulating corporate innovation and employee loyalty, says David C Bentall, a Canadian third-generation family business veteran, in his new book.

We believe that vaccine prospects are likely to make 2021 a year of global economic recovery. While markets have priced in a fair amount of the good news, more gains seem possible as corporate profits rebound and central banks remain on hold.

With the world in the early post-recession recovery phase of the business cycle, our medium-term outlook for economies and corporate earnings is positive. We believe that 2021 will feature an extended period of low-inflation, low-interest rate growth that favours equities over bonds.

“Value investing is dead! Warren Buffet knows nothing! Long live drawing random Scrabble tiles out of a bag to pick stocks!”

So says day-trading Twitter star Dave Portnoy and his army of fellow sports fans-turned stock speculators. Portnoy’s logic? Stocks always go up, courtesy of Federal Reserve stimulus.