(July 17): Like many things in life, “defensive” assets do not always behave as promised. But these are particularly unusual times. The Covid-19 crisis has triggered the fastest bear market in history, followed by the fastest initial rebound. Traditional defensive assets provided some protection during the March sell-off, but to a lesser degree than in past crashes. This raises the question as to what constitutes a genuinely defensive asset in the era of coronavirus and beyond.

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