Over the past month, we've taken a different path than most equity strategists. Rather than getting excited about the reopening, we are getting more concerned about (1) execution risk and (2) what's already priced in. First, on the execution front, there’s growing evidence that supply remains a problem for many companies, just as demand is picking up. These issues have been particularly acute in certain materials and components, and now it’s becoming more apparent that we have labor shortages as well. In addition to numerous surveys and company commentary, Friday’s very disappointing employment report suggests labor ... (full story)