Low Beta as a Byproduct

Though the economic and financial market dislocations from the outbreak of Covid-19 in early 2020 brought a quick end to the longest-running bull market in US history, the massive injection of monetary and fiscal stimulus sparked a rebound in risk assets and drove equity indexes well above pre-pandemic levels. However, corporate fundamentals in general have not kept pace with domestic markets’ appreciation during this period, resulting in lofty index valuation multiples at a time when the path forward for the global economy remains highly uncertain.

Read more

To continue, please confirm: