Global Macro—In Depth

• Our 2020 Midyear Outlook report introduced five secular themes that we believe the COVID-19 pandemic created, accelerated, or permanently altered.
• This report focuses on five main ways in which investment opportunities may arise. We believe that some of these opportunities will come from preexisting trends that COVID-19 has accelerated; still others will come from new trends.
• New risks also come with these five themes, but we offer some systematic ways to think about risk and reward, and we recall that resilience can be a useful investment tool.

Read our report to learn five key ways that this is changing the investment landscape—and what it may mean for investors.

1. Consumers will likely become more frugal, choosy, and home-oriented
2. Businesses will reassess how to add flexibility while maintaining efficiency
3. The pandemic is likely to intensify existing stresses globally
4. More direct government involvement in the economy—for better or worse
5. Health care will likely play an increasingly prominent future role