The current environment represents a unique episode in investment history, combining aspects of the Great Depression, the tech bubble, and the great financial crisis.
In spite of U.S. economic weakness, the Federal Reserve remains a powerful force and is influencing markets by expanding its balance sheet and buying securities of mega-cap, global companies.
Trillions in fiscal and monetary support have pushed many asset classes to near pre-COVID price levels, erasing much of the losses experienced during the epic March downdraft.
Given the abundant risks in the market and the range of possible outcomes, the recent rally provides a unique opportunity for investors to re-evaluate their asset allocations.
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