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Reflections – 1Q 2021

As we close out Q1 2021 we have even stronger conviction in our reopening and recovery thesis and see a high probability for a stronger, longer, and more durable global recovery.

What Has Gone Right in the First Quarter?

We are nearly through the first quarter and it’s time to check the market’s pulse. The core of our thesis around heightened volatility in 2019 rests on the view that we are coming off a period of money being priced below its natural rate. The artificial rate...