Our title might be considered risky given the Omicron variant and all its associated
uncertainties. However, two years into the pandemic, we believe that while the Covid
battle hasn’t yet been won, it is gradually being won. Each month takes us closer to the point where the pandemic phase is behind us. To be sure, there is a high likelihood that the way this occurs is by entering an endemic phase, where we simply learn to live with the virus in a way that is less constraining to economic activity. We anticipate a lot more emphasis on treatments and vaccines going forward, with lockdowns becoming a thing of the past around the second quarter of 2022.