Paul Harris' Top Picks: Zoetis, Costco and FacebookBNN Bloomberg MARKET OUTLOOK: The question now is what the world will look like in 2021 and beyond. While the vaccine development has certainly changed the outlook for the pandemic, its impact may be delayed by the escalating case numbers and the logistical challenge of its distribution, both of which might slow the economic and earnings recovery in the U.S. and Canada. Our best guess is that the U.S. and Canada will return to some semblance of normal by the fourth quarter of 2021. We do not, however, know what the new normal will look like. Will people travel as much? Will consumer behavior change? Will saving rates remain high? Will consumers behave as if the economy is in a depression or a recession? In a normal recession, most consumers forget the ill effects of the recession after about two years. With a depression, by contrast, consumer behavior is impacted for many years. This has implications for investing from commercial real estate, to internet infrastructure. We continue to believe that technology, healthcare and healthcare technology, consumer staples and discretionary- Amazon Costco and Walmart, will continue to do well.
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