From Chief Investment Officer Tom Veale,
“The time since the start of the Coronavirus wave that swept through most of the continents has felt like an assault on Mount Olympus. A quick check of the Olympic Banners in Tokyo reminds us we lost a year to that virus. They read 2020, not 2021.
Looking at the Market Risk Indicator’s rather wild ride over that same period shows another aspect of the pandemic. We see the deep valley at the start followed by a massive tide reversal of money rushing back into the market. It was confusing, to say the least.