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For investors remaining sidelined after the market’s impressive bounce back, the opportunity may now be too enticing to ignore. According to J.P. Morgan strategist Nikolaos Panigirtzoglou, COVID-19 will drive equity supply growth as companies pivot away from buybacks in an effort to raise capital, with 2019 marking the first time since 2015 that the net supply of shares, or the share issuance adjusted for de-listings and buybacks, increased materially.Alarming for investors, the previous decade-long trend of declining equity supply in part fueled the market’s bull run as buybacks pushed earnings higher. Some analysts also point out that a larger equity supply could weigh on stocks and cause volatility if companies don’t purchase shares when their stocks fall.Panigirtzoglou, however, takes a different stance. He notes that the drop in buybacks hasn’t negatively impacted the market yet. In fact, he argues the low returns for both bonds and cash will

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