As the vaccines continue to be rolled out, Denise Chisholm looks at what this means for sector and factor investing throughout the U.S. in 2021. Denise analyzes what typically happens after a recession, as well as historical trends for equity market dislocation and credit spreads being at the tightest levels since the 1980s. There is debate currently if we are actually in early cycle with some portfolio managers believing we are in a classic early cycle, but others do not. Consumer discretionary has played out, which is a sign of an early cycle, but there is no playbook unless you start to aggregate everything together into a sector or factor.
Recorded on January 21, 2021.