Economies and equity markets recovered swiftly from the first COVID-19 wave, thanks to coordinated monetary and fiscal support
This policy backstop, together with positive vaccine news are likely to benefit risk assets such as equities over bonds
COVID-19 provides an opportunity for unloved stocks to perform in the UK, EMs and value areas, and particularly outside the US
Biggest 2021 risks: policy removal, big inflation/interest rates overshoot, COVID-19 mutation and vaccine ineffectiveness
