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Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Aerial shot of large crowd crossing the road

Perspectives

Avoiding the madness of crowds

Author

By Joseph Fiorica, Global Equity Strategist

January 27, 2021Posted InInvestment Strategy and Equities

Anyone looking just at index level returns in the past week may be unaware that a small pocket of the market has succumbed to chaos. A horde of internet traders has taken aim at favored shorts among the hedge fund community, rallying countless retail investors and wealthy celebrity tweeters to their cause. If this sounds hyperbolic, it is not. But this episode is also unlikely to have long-term consequences for broader equity markets. Fundamentals-based investing has time on its side. 

Last June, shares of bankrupt rental car company Hertz rallied over 500% in a week, as a group of investors bid up the stock despite clear fundamentals pointing to the company’s ultimate demise. The euphoria did not last. Hertz’ insolvency ultimately prevailed over the speculators. This month’s craze was initially concentrated in a select few companies, namely GameStop, a video game retailer, Blackberry, a former leading cellphone manufacturer now more focused on software and security, and AMC, the troubled movie theater chain. All three names characterize a broader group of publically-listed firms with large institutional short bases, but which have for months been favorite long positions among retail traders active on popular investing-focused internet forums. 

Download: Global Equity Strategy