It’s not 2019 anymore … or any of the 10 years that preceded it. The pandemic period, inclusive of the crisis response and aftermath, roused an entirely new set of circumstances upon which the economy and markets are just now establishing their footing. For equity investors, we believe this burgeoning regime change means a different opportunity set than the one that prevailed over the past decade and a half ― and one that favors alpha (excess return) over beta (market return).
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