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COVID-19 in US, Emerging Markets; US-China Blame Game; Venezuela Coup?

What is the coronavirus update? Have emerging markets been spared so far?

The biggest news is that the US might have a lot more mortality from coronavirus than previously expected in the models. Particularly as we start seeing opening of economies. The US is a federal system and states don't necessarily listen to each other. They don't follow the federal government, and people don't necessarily pay attention to what state governments say. Put all that together, expect to see a lot more people get sick. Whether that is 3,000 or 800 deaths a day, two wildly different models, for the next month. What I've seen so far makes me feel a bit more optimistic, because opening up economies isn't people in full engagement. Big difference in what government says and what people do.

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The "New Normal" After COVID-19

What's the new normal going to look like? Now that numbers are at least plateauing, if not leveling off in hard hit countries in Europe. An effective lockdown may last 4 - 8 weeks. Once you start pulling back on quarantine measures, what's life look like? What's the economy look like? The idea that life is back to normal anytime soon is really, really overstated.

Assuming workplaces get fully functional with suitable personal protective equipment, feel comfortable that we're not going to get significant additional cases. In the workplace, you organize social distancing in offices, you give people more flexibility on work from home, and everybody in contact regularly with people gets masks. You should be able to get to that point within 3 months in the world's developed economies. They're there functionally in China. That allows you to get the economy going again.

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