We may be living in the new normal, but there has been nothing normal about the economic cycle we’re currently in. We have seen the S&P 500 index drop 34% from February 19th to March 23rd – then witnessed the speediest stock market recovery in history. We have seen a stock rally driven by liquidity and speculative sentiment, although market fundamentals paint a more sobering picture.  As we look to the realities of the post COVID-19 world, we see signs of a U-shaped recovery. Attractive opportunities remain, but volatility is likely to remain high. Investors need to remain prudent and be prepared for further uncertainty and risks ahead.  Market outlook: A gradual recovery  While many analysts initially predicted a V-shaped recovery, we think a U-shaped economic recovery now looks more likely. Under this scenario, the recovery is gradual and a longer period of time is needed before the economy fully...