Buying The Omicron Dip

The omicron variant sent markets tumbling on Friday: Perfectly-timed uncertainty with the US on Thanksgiving holidays.

Dip-buying opportunity or winter of discontent?

From a Keynesian Beauty Contest perspective, I'm struggling to make the bear case.

1. Is the panic justified?
2. Is the dip explainable as a moment of temporary irrationality?

It's too soon to tell if the panic is justified (although panic is rarely justifiable)

BioNtech say it will take up to two weeks to determine if the current vaccines are effective against omicron.

It's clear that the variant has already spread, with cases reported in the UK, mainland Europe, Hong

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Tim Vollans

• Spain

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