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Some thoughts on post-apocalyptic capital allocations

Recent events have certainly shaken us out of any complacency after a decade-long bull market. But they may also precipitate a rethink on capital allocations, as prevailing assumptions on which sectors and geographies will drive growth over the long run could be tested by political upheaval in the aftermath of the outbreak, with potential negative implications for emerging market and environmental, social, and governance (ESG) positions.

The petro-states have certainly been quick to exploit confusion in the ranks. Russia’s refusal to maintain production quotas effectively blew a hole in crude oil prices just as markets started cascading in response to the deteriorating clinical situation.

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