summaryConclusionI think Unibail has become a proxy for the...

summary

ConclusionI think Unibail has become a proxy for the COVID trade a bit too disconnected with the underlaying value in the company.When the crisis seemed to ease in may the stock quickly went from €41 to more than €70 just to come down again to the €40 range in July. The capital raise rumor did not help and its confirmation coupled with a spike in the COVID crisis with the rentrée from summer holidays has sent the shares to its lowest at least since 2006 (I do not have previous data) and probably a few years before that.After so many months we can be more or less pessimistic about how far we are from the solution but it is clear that there will be a solution once the vaccine has been fully approved, produced and administered to a high proportion of the population. But as certain as I am of that, I am certain that I do not have a clue of when that will actually happen. How far we are from there and what is the additional human and economic cost that we have to go through.So you make your call. I'm making mine and I will be doubling my bet for a recovery on Unibail Rodamco Westfield. Lets review in March again.Disclosure: I am/we are long UNBLF.