The writer is a senior fellow at Harvard Kennedy School
I recently asked some investment managers how they might immunise their portfolios against fallout from China’s coronavirus. “I wouldn’t,” one scoffed, “the virus is temporary.” Another rattled off some ideas but added “no one is actually positioning their portfolio that way”.
Investors have been conditioned to believe that disturbances such as mad cow disease, Sars, and now the coronavirus are temporary blips. Even if that proves to be correct, interruptions to global supply chains may cause greater problems for growth and markets than investors are expecting.
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