Re-calibrating forecasts and relative value in a post-lockdown world

Yesterday was a nice little rally in shares on the back of good news about a virus trial and stimulus support in the US and Europe. That saw us get well over the 61.8% retracement level for the S&P500, where there had been a lot of resistance. Buy and hold is seeing a lot of investors through this worst recession in ninety years, even as the likes of Wa…