DM Portfolio Commentary – Q3 2020

STOCK MARKET * ECONOMY – In what has already been one of the most jarring and upside-down years in modern investing history, it’s perhaps not surprising that both equity bulls and stock market bears have used variations of the same argument to justify their positions. Those who are positive on stocks, despite the recent plunge in economic activity, have regularly dismissed naysayers with the retort “the market and the economy are not the same thing”, while pessimists forecasting more trouble ahead warn that “stocks have become dangerously disconnected from the real economy”. Since both views are expressed frequently without much in the way of supporting evidence, we’ve devoted this commentary to examining their validity.

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