Let this sink in: The seismic shifts that have occurred because of the Covid-19 pandemic have affected every area of every life on the planet. This is not an exaggeration. All have felt pandemic—from hot dog street vendors in New York, to global bulge bracket banks.

The pandemic is set against a backdrop of changes that were already in play, which were already impacting the global economy: Brexit, the rise of China as a geopolitical power, the U.S. elections and rising interest in the markets from the work-from-home investor class (the segment of Reddit traders receiving the most recent attention for their GME short squeeze).

Yet there have been paradoxes in the context of the pandemic, that initially were “head scratchers” but became more “oh, that makes sense” as the pandemic proceeded. Patterns begin to reveal themselves.

Among these was the emergence of the retail investor as a key player…