What are currently being described as 'second waves' of covid-19 are actually first waves. There are no locations that got hit hard in the first wave that are experiencing second waves. Italy, Spain, UK, and NYC for eg have seen new cases continue to fall to negligible levels.

I have argued from the start that doing too much, too soon, and having a zero tolerance for any covid-19 cases, was a poor long term strategy. There is no herd immunity and it is only a matter of time before a new 'first wave' hits.

Countries & states that got hit hard and early can now move on & get on with life. Other countries like Australia could see themselves going into and out of lockdowns for years in a futile attempt to avoid the inevitable, occasioning far more damage for little long term benefit.

The highest risk places to invest at the moment are the countries that haven't yet had a meaningful first wave. The lowest risk countries are places like Italy, Spain, Russia, and UK w much greater herd immunity, & US after the current first wave in southern etc states plays out.

Sweden is the only countey that has demonstrated long term thinking in its leadership. Everyone else was hyper short term. Excluding Sweden, it means the long term winners will actually be countries that through incompetence rather than foresight allowed a major first wave.

Daily case numbers in Italy:

New daily cases in Spain

New daily cases in UK

New daily cases in NYC