My close friend and partner Louis Gave, whom I’ve known for 13 years, is the furthest thing from a gold bug.  In fact, for most of the time I’ve known him he’s had a dim view of the shiny metal often derisively referred to as a “barbarous relic” or a “pet rock”.

In the second quarter of this year, global equity markets registered their best quarterly performance in two decades. What was behind this record-breaking rebound? A number of explanations appeared possible.

Charles never tires of reminding us that “reading the financial press is bad for your financial health.” Underpinning his belief isn’t just the old adage that “if it’s in the press, it’s in the price,” but also the reality that financial journalists are quick to declare any rising market, a “bubble.”

After a cataclysmic hiccup in March, markets rebounded with a vengeance in the second quarter of 2020. In fact, the Dow closed out its best quarter since 1987 on Tuesday, while the S&P and Nasdaq had their best quarters since the late-1990s.

This week, we are presenting an article from Evergreen Gavekal’s partner, Louis-Vincent Gave, on what’s in store for markets as the world reopens.