Client Update, 30th March 2020

The COVID–19 virus is an event which has created devastating economic implications and a substantial sell off in risk-based assets, coupled with extreme volatility. The Financial Times reported that nine trading days this month have accounted for the biggest one-day gains and losses since the Second World War. No other month has come close.

We believe investors need to remove all the noise and concentrate on fundamentals. Don’t simply buy equities because the market has fallen. That is not a strategy.

The E or earnings in PEs is unknown at this stage, there will be downgrades as companies reveal the effect of the crisis. At this stage it is impossible to know if equities are cheap yet.

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Update 30 March 2020