A return to normalcy is enough to make one – to shadow a term used to describe markets from another time – rationally exuberant. The brain circuitry has demonstrated fast twitch memory, immediately and warmly embracing the Normal Noises as quickly as the early days of March ’20 caused those sources of satisfaction to abruptly dissipate.
The initial reaction in financial markets to the end of the innocence, well documented, was to throw caution to the wind.
That said, it wasn’t until the first half of ’22 that things began to feel more normal in daily life, and only recently have company management teams and economists/strategists begun addressing trends without emphasis on pandemic related comparisons.
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