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Limiting losses, capturing the upside

The US Federal Reserve and the US Congress have shown a willingness to take action that is unprecedented outside of the state of war and have spent more money than most of us would have ever imagined in the recent months. By doing so, they have turned around what was likely to be the largest and longest US recession since the Great Depression and if not the deepest market crash, then at least one of them.

The implications for markets have been that stocks and credit have rebounded, initially in a dramatic jump and then in a more gradual upward trend, supported by both greater commitments and renewed action. . This resumption of market stability, the increase in liquidity, and the decline in credit cost and associated risk are all captured in our algorithms which have turned around. It is therefore time to rebuild positions.

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