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Dr. Pat Welton B. G., Opalesque Geneva:

According to Dr. Pat Welton, founder and CIO of Welton Investment Partners, a U.S.-based quantitative and ESG hedge fund manager, the Covid Delta variant emergence is likely an intermediate-term positive for equities and bonds. On a related matter, even though market reactions are often attributed to new data and announcements, he says, market reactions should be attributed to impact from investors. He explains why in this interview.

Opalesque: You say the Delta variant emergence is likely positive for equity and bonds. Could you explain?

Dr. Pat Welton: As a medical doctor and former medical faculty, I follow news on the Delta variant very closely. It is the latest widespread variant in a series of variants that have occurred and will continue to mutate with the Coronavirus. The medical and economic problem is its increased infectivity. Its very high R-naught value is propelling its sweep through so many countries, both unvaccinated and partially vaccinated.

From an investor standpoint, its prevalence has two principal impacts on the potential valuation of assets.

The first is the direct economic impact. Depending on how fast Delta spreads, it will induce declines in economic activity in some sectors, and concentration or buttressing of economic activity elsewhere......................

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