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The crisis has seen unprecedented fiscal and monetary policy responses around the world. So what are the implications for investments?[vc_quotes layout=”accordion” quotes=”%5B%7B%22name%22%3A%22%20Greg%20Jensen%22%2C%22job_role%22%3A%22Co-chief%20investment%20officer%2C%20Bridgewater%20(United%20States)%22%2C%22content%22%3A%22Jensen%20joined%20Bridgewater%20in%201996.%20He%20oversees%20Bridgewater%E2%80%99s%20investment%20strategies%20and%20research%20efforts.%20He%20is%20also%20integral%20in%20overseeing%20investment%20talent%20and%20the%20firm%E2%80%99s%20account%20management%20and%20trading%20processes.%20In%202010%2C%202011%2C%20and%202012%2C%20he%20was%20named%20one%20of%20business%E2%80%99s%20rising%20stars%20in%20Fortune%20magazine%E2%80%99s%20Top%2040%20Under%2040.%20Jensen%20has%20earned%20a%20degree%20in%20economics%20and%20applied%20mathematics%20from%20Dartmouth%20College.%22%2C%22image%22%3A%2231892%22%2C%22linkedin%22%3A%22%22%7D%5D” title=”Speaker” el_class=””][vc_quotes layout=”accordion” quotes=”%5B%7B%22name%22%3A%22Colin%20Tate%22%2C%22job_role%22%3A%22Chief%20executive%2C%20Conexus%20Financial%20(Australia)%22%2C%22content%22%3A%22Colin%20Tate%20has%20been%20an%20investment%20industry%20media%20publisher%20and%20conference%20producer%20since%201996.%20In%20his%20media%20career%2C%20Tate%20has%20launched%20and%20overseen%20dozens%20of%20print%20and%20electronic%20publications.%20He%20is%20the%20chief%20executive%20and%20major%20shareholder%20of%20Conexus%20Financial%2C%20which%20was%20formed%20in%202005%2C%20and%20is%20headquartered%20in%20Sydney%2C%20Australia.%20The%20company%20stages%20more%20than%2020%20conferences%20and%20events%20each%20year%20%E2%80%93%20in%20London%2C%20New%20York%2C%20San%20Francisco%2C%20Los%20Angeles%2C%20Amsterdam%2C%20Beijing%2C%20Sydney%20and%20Melbourne%20%E2%80%93%20and%20publishes%20five%20media%20brands%2C%20including%20the%20global%20website%20and%20strategy%20newsletter%20for%20global%20institutional%20investors%20conexust1f.flywheelstaging.com.%20One%20of%20the%20company%E2%80%99s%20signature%20events%20is%20the%20bi-annual%20Fiduciary%20Investors%20Symposium.%20Conexus%20Financial%E2%80%99s%20events%20aim%20to%20place%20the%20responsibilities%20of%20investors%20in%20wider%20societal%2C%20and%20political%20contexts%2C%20as%20well%20as%20promote%20the%20long-term%20stability%20of%20markets%20and%20sustainable%20retirement%20incomes.%20Tate%20served%20for%20seven%20years%20on%20the%20board%20of%20Australia%E2%80%99s%20most%20high%20profile%20homeless%20charity%2C%20The%20Wayside%20Chapel%3B%20and%20he%20has%20underwritten%20the%20welfare%20of%2060%2C000%20people%20in%2028%20villages%20throughout%20Uganda%20via%20The%20Hunger%20Project.%22%2C%22image%22%3A%2231893%22%2C%22linkedin%22%3A%22https%3A%2F%2Fwww.linkedin.com%2Fin%2Fcolin-tate-839a5a181%2F%22%7D%5D” title=”Moderator” el_class=””][vc_empty_space height=”10px”]
Key takeaways
COVID-19 has accelerated trends that we thought would play out over a decade.
The COVID-19 shock has mainly been a shock to corporations (not households), leaving a monumental hole in corporate balance sheets.
The Developed World Populism Index has spiked significantly in recent years.
It has never been more difficult to be an investor. Diversification is more important than ever but more difficult than ever to achieve.
The hole in the real economy is harder to fill than the hole in the financial economy.
Companies are recognising that if they are not willing to proactively become more purposeful, they will be forced to do so (or forced out of existence).
We can get through this difficult period – it was done after each World War, but there will be very tricky policy decisions to make along the way as policy makers will have to prioritise what they want to achieve.
The Florida State Board of Administration has made some strategic moves to take advantage of opportunities in the dislocation, including in private equity, distressed debt and active listed equities.. But CIO, Ash Williams, is concerned about the underlying real economy.
The COVID-19 crisis won’t have a lasting impact on climate change, but the response will—fiscal policymakers should thus aim to make the recovery green according to the IMF.
The Milken Institute is tracking the development of treatments and vaccines for COVID-19. There are currently more than 2.5 million confirmed cases globally, 114 treatments in consideration and 79 vaccines in development.
In this memo Bill Gates shares his views of how to accelerate global innovation, which is the key to limiting the damage to society and the economy. This includes innovations in testing, treatments, vaccines, and policies to limit the spread while minimizing the damage to economies and well-being.
This lecture by professors of economics at the London Business School looks at the science, health policies, economics and macroeconomic policies related to COVID-19.
This report argues the G20 not only should but can be meaningfully useful to recovery from the COVID-19 pandemic. It looks at the role of G20 in designing a fiscal response, strengthening access to vital medical supplies and ensuring global food security.
Investors allocate to private equity with the expectation of achieving superior returns relative to public-market investments. This approach has generally paid off in corporate private equity with return premiums that have compensated investors for the risk of illiquidity. However, the same cannot be said for real estate private equity.
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