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One of the biggest lessons learnt over the past three months is to respect the trend. Whether you believe the economy will go through a V, U, W, L or whatever-shaped recovery, going against the trend supported by enormous spending from central banks led by the Federal Reserve is a losing trade.However, up trends may not be sustainable for a long time if they are not supported by fundamentals. By fundamentals we mean sustained economic recovery and improved earnings. As of now, many investors believe those earnings next year will return to 2019 levels for the S&P 500. If that’s the... Read More

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