Alfred Lam, CFA, Senior Vice-President and Chief Investment Officer

Marchello Holditch, CFA, CAIA, Vice-President and Portfolio Manager CI GAM | Multi-Asset Management

Without a doubt, 2020 was a “loss” year. Individually, we lost the ability to live our normal way of life. Globally, currencies lost their purchasing power as central banks added US$9 trillion to the system (leading to price increases in almost everything, including stocks and properties), and over 1.8 million people lost their lives due to COVID-19.

It is fair to say that the current scenario of higher asset prices during a recession is not normal. The natural conclusion is that we are in a bubble, and we do not disagree. However, it is not a typical bubble where the issue is price speculation in a single asset.

Read the rest of the commentary  >> 2021 January – Portfolio Construction