For many investors with a strategic and long-term outlook, it’s time to look beyond the Covid-19 crisis. This might sound a bit premature, as the coronavirus is still wreaking havoc on the world and the number of infected persons is rising again in several countries, so lockdowns are a real possibility again.

Despite this discouraging development, I am adjusting my risk assessment leaning toward the increasing unlikelihood that the worst-case Covid-19 scenario would happen and the growing likelihood that the low-risk scenario would. In the latter, the virus should become less fatal and vaccines are underway as hoped (and also priced in by investors). If the low-risk scenario gains more confidence in the broad financial markets, then investors would also increasingly dive into their long-term views about economies and markets expectations.

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