Quo Vadis: Where do we go from here?

“You’ve got to be very careful if you don’t know where you are going, because you might not get there.” Yogi Berra

The vaccine is here, but the economy still looks troubled with so much uncertainty ahead. This is accompanied by a sense of resignation that we are never going to fully go back to (pre-Covid) normal. And yet financial markets keep heading higher; we are now above the previous peak! So where do we go from here? This is the key question everybody is asking at the moment. We think it makes more sense to focus on the long term rather than try to get the short term right — because trying to get the short term right is an impossible task. When faced with a difficult decision, especially during times of market volatility and uncertainty, the mind takes a shortcut....