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Much has happened this past week, and I haven’t recorded it because I was taking time off with Covid-19. Thanks to all those who’ve been in touch; it’s very welcome. I’ve now tested negative, and life can return to normal. What’s been most difficult, after a few days of unpleasant symptoms, has been what everyone describes as the “brain fog.” I now know what this means, and it’s made it harder to follow events both in the real world and financial markets. Here are some of the broad conclusions as the fog lifts: