Don’t Call It A Bubble

Last month, for the first time since the onset of the pandemic, fund managers polled by BofA no longer identified the virus as the top tail risk. Anecdotal though it was, it was still a milestone of sorts, and spoke to a growing consensus in the investment community that science has triumphed over the pandemic, albeit not before COVID-19 killed nearly 3 million people globally. Of course, the situation looks entirely different if you're poor in Brazil or struggling in India than it does if you