We are marking the start of this season with the introduction of a new series. What we are calling the “Pandemic Pivot” – the rapid economic, market, and geopolitical shifts we are experiencing during the global health crisis. Through lockdowns and re-openings, the changes have been dramatic and swift. The huge, largely government-induced shutdown of global commerce ended the record-breaking economic recovery and the bull market in the U.S. The massive monetary and fiscal stimulus in response led to the shortest bear market in history and what could turn out to be the briefest recession ever – the jury is still out on this.

To make sense of these changes, we are turning to a great investor Bill Miller, Founder and Chief Investment Officer of Miller Value Partners.
This week, in the first of a two-part interview, Miller and I discuss how the world has and has not changed since the pandemic struck.