Driven by Covid-19, 2020 saw economics 101 meet market psychology: losing factors of production (labour) impacts real economies; rapid money creation drives (asset) inflation; and, cognitive biases lead to over-extrapolation. “New normal” conversations are being driven by lockdown perspectives. Investors must focus on future earnings paths versus price paid today. While recent events shook markets, nothing invalidates this core belief set. It’s not a whole new world. Today, fear and greed set up a rich opportunity set on long and short sides. Investors must embrace a...