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05/14/2020

Q1 2020 Global Markets Review & Outlook

Global equities fell sharply in Q1 dropping -21.4%, going from all-time highs in January to a bear market with record-breaking speed. The sudden fall, combined with society’s understandable worries about COVID-19’s impact on their health, their loved ones and their community, has spread fear to every corner of the world—and the marketplace.

  • The Duration of the Shutdowns Matter More than the Size: The historic speed of this downturn reflects the economic impact and uncertainty arising from the unprecedented institutional response to the coronavirus.
  • Equities Likely Lead the Economic Recovery: Equities should start recovering well before COVID-19 is gone, restrictions are removed, or the economy recovers.
  • The Eventual Recovery Should be Swift: Sharp drops are usually followed by swift recoveries creating a “V” pattern—investors should prepare for the positive side of the “V”.
*The foregoing information constitutes the views of Fisher Investments based on information believed to be reliable. There can be no assurances that Fisher Investments will continue to hold these views. These views may change at any time based on new information, analysis, or reconsideration.
About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $189 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments Private Client Group International, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 100,000 clients. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 09/30/21)