The Resurgence Scare

The labor market recovery continues, corporate tax politics & an earnings season rally

The increase in reported Covid-19 cases in the Sunbelt has led to another recovery scare as evidenced by weak relative performance of reopening cyclical stocks. Our Schumpeter’s Gale, global trade, capital investment and labor dynamism themes do not include buying ‘reopening’ stocks; however, we are overweight industrials and financials. Our analysis of…

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