Savita Subramanian, head of equity and ESG strategy at BofA Securities, says investors are both positive and hedging their bets.
"Whether the market is pricing in a strong recovery or whether it's pricing in a second wave, our work suggests that valuations of stay-at-home beneficiaries are kind of in line with valuations of the cyclical come-back-to-work beneficiaries, so I think that the market is pricing in kind of a 50/50-ish probability of a real second-wave risk at this point. But it's interesting to see that what's driving the market higher ...
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TradingNation Of course, the same narrative the last 3 or 4 months.
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