Commodities still going – agri prices higher than pre-wuflu, oil prices higher than pre-wuflu, coal higher than pre-wuflu.

Reopening theme is back in motion – Last year we were tracking “cases” and this year everyone is tracking “vaccinations”. Should hotels/retailers/spa’s etc be valued here? Sure, why not +20%? Their competition is gone, they own the market when tourism returns. Even if the Phuket sandbox project is failure in the first 4-6 weeks, so what? It’s a trend that will keep going.

The main point I keep banging on about is, 1) the world was shut down 2) to think that all the factories/farms/hotels/f&B’s are back to pre-wuflu levels on the supply side is ridiculous, a lot are extinct 3) demand doesn’t have to return to pre-wuflu levels in order for there to be a demand/supply imbalance across the board.

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