Barry Norris, chief executive and fund manager at Argonaut Capital Partners, says taking any big position in these pandemic-driven markets takes going against what he calls “groupthink”. That includes, he says, the bullishness on a potential Covid-19 vaccine, which Goldman Sachs says many market participants price in as early as this year.

Norris isn’t so sure, telling Financial News previously that he is short healthcare stocks including Novavax and Inovio because market expectations of a vaccine are too optimistic. Such scepticism has so far served him well: his fund is up 28.1% year to date.