Private Investor's Diary Portfolio 

Skewed towards survivors

Skewed towards survivors

Equity markets staged a strong recovery in April, continuing the rally that started in late March. Why? Probably a combination of three reasons. First, the speed and extent of fiscal and monetary intervention by the authorities. Second, the speed of the drop in equity markets during February and March had left sentiment at historically low levels. Third, there were tentative signs that new infections (and deaths) from Covid-19 had peaked. Whether this is just a 'bear market' rally or the start of a new bull market remains to be seen; more on that later.

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