- It's not a good time to buy the entire index precisely because I do think that within high yield, we're going to see areas where we have an increase in defaults and so that you need the equivalent of stock-picking.
- The impact on the real estate market, frankly, is a little bit frightening only because we've now proven that many people can very effectively work from home and in fact, may even prefer work from home.
- Depending on market, e-commerce penetration rates are rising rapidly, clearly accelerated by COVID-19, but we think that just accelerates a trend that was underway anyway, and that's at the detriment of brick-and-mortar retail.
For further details see:
Work, Life, And Investing: How The Pandemic Is Shaping The Future