Most investors have understood that the extraordinarily accommodating monetary policy and the start of the vaccination campaign against Covid make it possible today to anticipate an economic recovery within a few months, which is very favorable for the equity markets.
If this observation explains the general optimism that prevails, it also reminds us of the observation with which we concluded the Carmignac’s Note of January 2020: “markets intoxicated by the end-of-year dynamic, and thus exposed to increasing vulnerability” .
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