Which lockdown habits could last a lifetime?

NOBEL Prize-winning quantum physicist Niels Bohr said: "Prediction is very difficult, especially about the future." This cautionary quip is applicable to anyone making forecasts, and particularly investors today.

Stock markets will continue to be buffeted by pandemic news flow, and successful investing in consumer stocks over the next couple of years will depend on developing a vision of post-pandemic consumption patterns.

Where lifestyle changes are permanent, extrapolating the trends of the past year could well be fruitful. On the flip side, riding a "reversion to the mean" might be the right investment approach for businesses poised to rebound, once restrictions are eased and where old behaviours could return.