Editor's letter: A shot in the arm?

One sudden event can have a positive impact

8 November marks the one-year anniversary of ‘Pfizer Monday’ – when stockmarkets surged following the news that Pfizer and BioNTech’s coronavirus vaccine was 90% effective in trials.

The increased likelihood that life would once again return to normal caused the MSCI All-Country World index to surpass its previous record high, while the FTSE 100 saw its biggest single-day jump since before the pandemic.  It was after this that the ‘growth-versus-value' debate reared its head, with sectors that were particularly hard hit by Covid, as well as cyclical stocks, experiencing rapid rebounds. In an IW article published less than a week after the Pfizer announcement, Antipodes Partners' client portfolio manager Alison Savas said investors who "continue pouring into growth...