Last year’s prognostications about the events and trends to monitor in 2020 have evaporated as COVID-19 has upended people’s lives and caused massive recalibrations in financial markets. In Q1 2020, we said “goodbye to the bull market”; large market movements became the new normal; correlations and dispersion shifted drastically; quantitative easing returned; and access to liquidity was important for many, in both equity and fixed income markets. Remarkably, all of this took place in little over a month. So much for 2020 foresight!
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