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Language Notification

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。

Yields-are-too-low-for-the-eventual-post-COVID-world

Perspectives

Yields are too low for the eventual post-COVID world

David Bailin

By David Bailin

Chief Investment Officer

August 19, 2020Posted InInvestment Strategy and Equities

• It is quite telling that world financial markets swung sharply on news of a Russian-made Covid vaccine that has no clear path toward global use.  We see the market reaction as a “dress rehearsal” for a real post-Covid cyclical recovery.


• Investor positioning is crowded in interest-rate sensitive defensive assets such as gold, Treasuries and tech stocks. Tech has risen very sharply, aided by its fundamental value in proving solutions for social distancing in the Covid economy.


• Covid is not done restraining the world recovery or scaring investors.  For longer-term portfolios, rotation between expensive Covid defensives and cheap Covid cyclicals is recommended. 


• We have never abandoned a focus on the Unstoppable Trends that have sought to protect equity investors this year. For now, one should hold a balance of the best values in both. To make room in portfolios, reducing exposure to the world’s most expensive fixed income securities is wise.

Read CIO Strategy Bulletin