78. Why expectations are too high and the pandemic remains a risk

Laura Bottega, lead product specialist for the Morgan Stanley Global Brands fund, discusses the fund’s strong performance in the recent market sell-off. She tells us that companies are probably looking at two lost years of earnings and that a V-shaped recovery is unlikely: expectations are too high and the pandemic remains a risk. “We've never seen a vaccine being discovered and manufactured in four years, let alone two, and that makes the outlook far more uncertain and volatile than we believe the market is assuming,” she says.