But how many miracles a vaccine can do. The news of Modern successes e by Pfizer it has awakened from hibernation titles and projects that seemed buried by now. It is the case of Airbnb, the jewel of the historical season of do-it-yourself tourism which, under the sky of the lockdown, has accumulated losses of billions but now re-emerges with an unexpected quarterly profit (219 million dollars) which allows proprietary funds to once again hope for an IPO in a short time. The recovery was made possible by a new formula aimed at local tourists/shareholders, willing to give up the dividend in order to have lodgings close to the main residence, ideal for combining smart working and holiday. But if the incoming vaccines confirm the expectations, those who bet on the relaunch of the traditional formula could really score the deal of the century. Suffice it to say that between Monday and Tuesday, Easyjet bookings only up 50 per cent, confirming the fact that the desire to travel, frustrated by the fear of the disease, survives intact. Indeed, she grows up.
But does it make sense to set up an operational strategy on this hope? Or is it better to resign ourselves to the "new normal" imposed by Covid -19, continuing to steer clear of value stocks, the ones that paid the highest price for the crisis? One wonders whether or not the trend which, thanks to the pandemic, has led the five leading stocks of the Nasdaq (growth stocks par excellence) to be worth more than 7 trillion dollars, or more than double all the stocks of banks and energy companies listed in Morgan's worldwide indexes (the “Value Stocks”).
Maybe the wind has changed, exults in the Financial Times Tobias Lefkovich, head of stock at Citigroup. Thanks to the vaccine we will see more normal prices, up and down. A valuation equal to 38 times earnings (just under the 47 times achieved during the 17s bubble) for many tech stocks versus XNUMX times for more solid stocks makes no sense. This explains the violent rotation of prices after the discovery of vaccines: soon, it is the thesis, the markets will do justice to the exaggerations made possible by the prevalence of the remote economy or, if you prefer, stay at home. For the benefit of "rhino titles”, silent victims of the underestimation of the securities of hotels, air travel and cruises and all activities penalized by limits to mobility, free time and social entertainment are condemned. In the language of City managers, these are "rhinoceros bonds" which, like the colossus of the savannah, can remain motionless on the river bank indefinitely. Except then leave at a gallop when you least expect it waving the precious horn. And then save whoever can.
