The writer is a researcher at Morgan Stanley Investment Management
The year 2020 will forever be associated with Covid-19 and the ills it caused to people and economies around the world.
The outbreak of the pandemic led to the greatest contraction in global economic activity in decades and a precipitous fall in stock markets. More surprising to most was the extent of the sharp rally from March lows.
The interplay of two forces that drive valuations, the cost of capital and the volatility of markets, might explain some of that counterintuitive behaviour.
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