Investment Outlook

Investment outlook first quarter 2021

The outlook for the world economy has returned to positive. The latest consensus GDP growth estimates were minus 3,8% for 2020 but plus 5,2% for 2021 and plus 3,7% for 2022.

Investment outlook fourth quarter 2020

We continue to seek prudent investments in solid companies that trade at acceptable prices.

Investment outlook third quarter 2020

As we described in our Investment Outlook last quarter, we believe that the effects of the Covid-19 pandemic will have long-term adverse effects on the economy.

Investment outlook second quarter 2020

Our base scenario is that most of the impact and consequences of the Covid-19 pandemic will ultimately be limited in time.