Just over a year ago the World Health Organization declared the coronavirus a global pandemic. Few would have predicted the returns experienced in global equity markets over the following 12 months. With widespread economic disruption, any company demonstrating growth — regardless of profitability — became a rare commodity, and investors bid prices higher.Continue reading . . .
At Saturna, we entered 2020 with cautious optimism. Geopolitical uncertainties, rich corporate valuations, and stretched monetary policies kept us vigilant, while generally strong business and economic fundamentals supported optimism. What we didn’t foresee was the looming pandemic, widespread economic shutdowns, and rapid government intervention.Continue reading . . .
The markets charted an aggressive course through the third quarter. Following the abrupt sell-off late in the first quarter, the S&P 500 Index quickly recovered in the second quarter and accelerated its ascent through the end of August, then dipped dramatically in early September, rebounding again in the last week of the third quarter.Continue reading . . .
Despite the economic carnage afflicting the global economy since the outbreak of the coronavirus pandemic, by the end of the first quarter, the stock market had already plumbed its greatest depths, with March 23 marking a nadir. Over the course of the second quarter, while not recovering all the lost ground from the February peak, the market roared back...Continue reading . . .