Chief investment strategists Matt Miskin and Emily Roland of John Hancock Investment Management are warning investors about making an overwhelming bet on a post-virus recovery in 2021.
While much of Wall Street seems to feel that the post-COVID rally is starting to take shape, co-chief investment strategists Emily Roland and Matthew Miskin are taking a cautious view. They say it might be more nuanced than the broad bet on an economic recovery some investors are making. Meanwhile the current increase in COVID cases might make for a weak first quarter, and the rebound in spending and demand could disappoint because not every part of the economy will bounce back from this year's slump. They're skeptical of an increase in inflation as well, attributing some recent hints of it to temporary supply chain disruptions.
"You don't need necessarily a massive cyclical rebound in global growth for the US and China to see the nice earnings recovery next year," Miskin told Business Insider. The quality component comes from tech and communication service stocks, which offer high profit margins, better free cash flow, and stronger returns than the rest of the market. Their value tilt comes from healthcare and industrial stocks, and they say those are the best way to bet on a rebound.
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