Things are looking up, sort of. Economies are slowly reopening, and economic data show encouraging signs of life. While it remains unclear how fast the recovery will be or if there will be widespread relapses in COVID-19 cases (some areas are already reporting increases) and a return to economic shutdowns, it is worth considering what to do ahead of a potential post-pandemic recovery that will, eventually, materialize. Typically, it makes sense to increase exposure to cyclical sectors and companies early in the economic cycle in order to enjoy the recovery ahead. However, the old textbook rules may no longer apply in ... (full story)