Time for different choices - Post-pandemic recovery

There are only a few examples in history when pandemics changed the course of the global economy and society: The Black Death in the Middle Ages, the Spanish flu in 1918-1920, and COVID-19, which we are right in the middle of now. There are also examples in history when ecological disruption wiped out entire ecosystems. Think of the poor dinosaurs. And yes, again, we are right in the middle of such a disruption.

This is the background for our investment outlook 2021. There is a lot going on with the environment, our societies, our economies, all with grave consequences. But the strange thing is that financial markets by and large continue as if nothing is happening. Economic activity is slowly recovering, but a sustainable recovery is not yet to be seen. We think it is time to face the challenges and to start making different investment choices. Both for the long and short term.