2020 Q2 Newsletter June 30, 2020
In a previous note, we stated our view that the equity markets would look through the valley of pandemic uncertainties and discount 2021, and in some cases 2022 (after the vaccine), cash flows. As is the case for many of us personally, 2020 represents a lost year, a year of survival and a year of adjustment. Well, this lost year is certainly playing out within the equity markets.
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