Three themes of the past five years are likely to be reversed/undermined by COVID-19 over the next few years.

1) ESG. Those who invested in this, eg by avoiding fossil fuels, have benefited from falling oil prices since 2014. But from recent low& #39;s oil prices are heading higher https://twitter.com/RencapMan/status/1250058640008110081">https://twitter.com/RencapMan...

2) Climate change progress. An unexpected fall in carbon emissions this year will take pressure off governments to do more. Culture warriors will say more should not be done and can& #39;t be afforded anyway given the debt taken on in 2020. Cheap oil undermines the attraction too

If we do see more people working from home - we might also see people move from energy efficient cities with rapid public transport options - to suburbs or rural areas where cars are essential. Good for auto makers, not good for battling climate change

3) Protectionism. The most visible protagonist of this policy in the world today will not be re-elected, because no US president is re-elected when a recession creates millions of unemployed on his watch (party allegiance is irrelevant). Tariff wars will end in 2021