While the vaccine news in early November was arguably the critical turning point in this cycle,
providing light at the end of the pandemic tunnel, it was only in the first quarter of 2021, 12
months from the pandemic’s onset, that investors began to price in the recovery ahead and a
return to post-pandemic normality.

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Supportive monetary
and fiscal stimulus, ultra-
low interest rates and global markets at record level have helped the US IPO market produce its busiest quarter in
over two decades

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“When researching a fund, it is often useful to view the fund manager as a CEO”

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“For all the
column inches
dedicated to central
bank meetings this
month, one potentially
seismic change to
monetary policy has
slipped under the
radar”

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Why we are all hard wired to be
bad investors

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One year ago coronavirus began to ravage the global economy and stock markets. The ensuing
recession was the worst since the Great Depression, yet over those 12 months global equities have
returned almost 30%, despite a 35% decline in the initial few weeks of the pandemic.

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Believe it or not, there
are similarities in
what we do here at
Momentum to what
the rocket scientists do
in Pasadena

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Ever since the global financial
crisis (GFC) when Lehman’s
failed, central banks have
been trying to accelerate
economic recovery by various
“quantitative easing” means,
which in simple terms
collectively amounted to
printing money.

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