The American mathematician Claude Shannon famously established a lower bound for the number of possible moves in a typical chess match: around 10120. That's 10 with 119 zeroes after it. Reflecting on when the COVID-19 crisis began to unfold across the globe, I think the Shannon number adequately captures the breadth of possible economic outcomes at the time.
As the crisis has evolved, however, two things have become clear: the pandemic has accelerated some trends already in place, and COVID-19 will have implications that are opaque now but that will become undeniably clear and meaningful over time.
Artemas Wealth Management
Level 8,
1 Castlereagh Street,
Sydney NSW 2000
