Freddie Sayers meets Louis-Vincent Gave.

Since the end of November 2021, Moderna's share price has been falling dramatically, from $368 to $147 at the time of writing.

Why might this be? And what does it tell us about the vaccines more generally?

Freddie Sayers sat down with Louis Gave, a financial analyst and co-founder of Gavekal, a financial services firm based in Hong Kong. Gave noted that the markets had been ahead of politicians and even epidemiologists on the Omicron variant in terms of its lethality, but also evidently they had determined that vaccines were not the ‘silver bullet’ solution they were initially sold as. What may be taboo to say in political circles is more bluntly put when people are betting their money on the outcome.

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