Managing to the Other Side

Key Insights

• The sustainability of rallies in equity and credit markets will depend on the trajectory of the coronavirus and the strength of the economic recovery.
• The pandemic appears to have accelerated the growth and market power of the major technology platform companies by at least several years.
• Corporate credit is likely to offer the most attractive opportunities to fixed income investors, but wide dispersion requires selectivity.
• We believe the pandemic could exacerbate political risks in some countries and prompt a major reassessment of corporate finances and supply chains.

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