Investors should seek to transition from a sole focus on mean reversion to position for more enduring growth opportunities beyond COVID. We are still bullish on growth prospects in 2021 and 2022.

Recent high-profile data and cyber breaches confirm a crucial point - the growing and pressing need for cyber security in an increasingly digital industrial complex. We believe the public equity universe is rich in global opportunities to invest in the cyber security theme.

The Fed last week told investors it would tighten policy cautiously as the economy recovers. We continue to look for further gains for a narrowing subset of cyclical assets and modestly higher interest rates.

The period of free money policy is coming to an end as the drop in US and global COVID infections suggests the time to give an early warning of tapering is now. Therefore, the very strongest equity market returns from the COVID crisis period may have passed. But we still urge investors to allocate for opportunities in the new post-COVID economy that lies ahead.