Morning Briefing 2021-01-27

Check out the accompanying pdf. (1) Victory over the virus may not require full herd immunity. (2) Widespread immunity of just the herd’s most essential and vulnerable equates to 230 million doses of vaccine, half as much as required for full herd immunity. (3) Looking at vaccine supply/distribution/administration logistics, we estimate the virus could go from plague to pest by summer 2021. (4) We think investors are right to assume that Biden’s strategic goals to fight the virus can be met. (5) But much still could go wrong to derail the optimism. (6) Virus mutations might represent the biggest threat.