$ 499 + HST
KEY INVESTMENT INSIGHTS
- Change in Value Equation: News of Pfizer’s vaccine has changed the value equation for all three sides of the value pyramid.
- Reversal in Risk Equation: The vaccine will reverse the risk equation from antifragility (low level of operating leverage and financial leverage) to fragility (high level of operating leverage and financial leverage).
- Travel, Leisure & Entertainment: Pent-up demand for physical multi-sensory experiences will shift consumer discretionary spending away from shelter (i.e., nondurable home goods) to experiences (i.e., travel, leisure & entertainment).