The End Of Confidence


The Covid-19 crisis is approaching its economic peak. Most Western economies are largely closed. Stock markets have been in freefall for several weeks, and despite recent rallies may yet test deeper lows. Companies are in shell-shocked reaction mode, scrambling to protect what remains by cutting commitments across the board. Yet that instinctive reaction – to conserve by reducing risk and locking away cash – might well be the worst possible thing they could do …

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