Q2 2020 – Annandale Capital Quarterly Commentary

Year-to-date, global equity markets have fallen a mere -6.0%, and large-cap US equities have fared better at -3.1%. Who would have predicted this result given the current state of affairs? US industrial production has been cut in half. 12.9% of the US labor force, over 18.0 million Americans, are receiving unemployment insurance. Surveys indicate 32% of Americans have yet to make their full July housing payment (i.e. rent or mortgage). In layman’s terms, our economy and many other economies are operating at a small fraction of their potential. And to make matters worse, the spread of Coronavirus is accelerating as municipalities attempt to reopen their economies. Against this backdrop, who would have forecasted stocks within arm’s length of their all-time highs? What gives? Download Q2 2020 Commentary

This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations. This is not an offer or solicitation with respect to the purchase or sale of any security.

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