Looking back at the various articles that Campbell Mackie Limited has published since the onset of COVID-19 in the UK, it is interesting to note the changed expectations, concerns and predictions that our comments reflected at the time they were released.
In March we focused on the Fiscal and Monetary stimulus being rolled out to help limit the damage to the world economy and prepare the ground for economic recovery. By the time we got to April we were reviewing the reality of lockdown in relation to furlough, increasing unemployment and the tangible impact of COVID-19 on the world’s economies. In the latest article published on the 29th May we concentrated on the mechanics of a navigable route out of lockdown for the UK. The timing of easing and the strategies to be adopted to ensure no winding back of lockdown took place, were the subjects occupying our minds at that time.
We can see from the experience of other countries that came out of lockdown earlier than the UK, that this strategy has its own issues and we will undoubtedly still face challenges through this process which will unsettle markets.
The one consistent theme that we have visited and re-visited since March has been the ability of stock markets to look through the current data and look forward to the direction of markets to see opportunities to grow value. There is a phrase in ice hockey that illustrates this lesson, “Don’t skate to where the puck is now but to where it’s going”. Our advice to clients through the volatility that we have seen through the Pandemic, has been to stay invested, continue to look forward for the long-term and don’t panic. This strategy has historically proven to be the most efficient way to navigate volatility and has again resulted in our clients being able to participate in the recovery in markets we have seen since the low point of the 23rd March 2020.
As we move into July, with parts of the UK reopening for business at the same time as the city of Leicester is undergoing a further lockdown period, it is essential that investors have access to informed commentary on market dynamics. As has been the case right through the recent period of volatility, Scott and I are available to answer your questions, offer support and generally be there to provide pro-active advice specific to your needs.
We hope you and your loved ones continue to be safe.
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