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The US will win through.

The Administration has moved quickly and decisively. In the matter of only a few weeks it has discussed, agreed and formalized a multi trillion dollar package of support. Of course there were failures to plan ahead; there was the obsessive need to play at politics, and throughout there was the sheet anchor of an untrustworthy President. But much has happened and much that is good.

Things may well get worse before they get any better. Cities are critically short of medical resources. They are confronting the near certainty of a pipeline of death. Lock down means unemployment, a cut in investment, zero based everything.

But the underlying strength of the US market, so apparent 6 weeks ago, is still there. We remain the go to place for world investors. However much it grieves me to say it beautiful Rome and Italy, Glorious Madrid and Spain, Athens and Greece are in far worse shape, and their economies were already threatened.We will come out of this pandemic with low interest rates and low stock prices, with a still robust consumer and a strong belief in capitalism and doing business. Expect to see an historic boom in M&A, aggressive Cap-X, and a rapid spring back of consumer demand. At the end of the year we will be flying, we will have a new President and we will be set fair.

That is when I will be writing about the real crash that is coming – but that is for another day. Till then build your portfolio and profit from the current prices.

Have a good day, JamesĀ