In our year-end 2019 commentary we talked about the importance of portfolio balance given our wariness of the indicators suggesting 2020 could be a very good year for equities. While we noted that an exogenous shock could throw upbeat market calculations askew, neither we nor anyone else anticipated the emergence of a global pandemic that would exert a powerful impact on markets and economies.
The emergence of the novel coronavirus and the economic impact of efforts to contain its transmission led to a deep, sharp repricing of risk assets during the first quarter as liquidity concerns emerged across financial markets.
On April 7, 2020, we spoke with Idanna Appio about recent market developments and the potential short- and long-term macroeconomic impacts of the coronavirus pandemic.
Investors initially downplayed news of the novel coronavirus outbreak in China, and equity indexes continued to press higher for the first weeks of 2020 as they did for much of 2019, led by growth-
Though equity indexes have bounced off their worst levels of 2020, Matt McLennan, head of First Eagle’s Global Value team, appeared on Bloomberg TV to caution that the full impact of the pandemic’s
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