XLRE - Citi Private Banks see COVID value distortions unwinding in 2021

As 2020 ends, Citi Private Bank comes out with its outlook for 2021, saying the year will be marked by multi-year "unstoppable tends" for client portfolios.Sees a confluence of four important factors — a quicker-than-usual recovery, accelerating innovation, the mispricing of many securities, and a period of structurally low interest rates.The bank says the tailwinds for 2021 are unappreciated: "Our financial system is strong, government actions to protect individuals and businesses have been effective, technological innovation continues to accelerate, and there was a successful scientific sprint that developed an effective vaccine in record time."Sees COVID valuation distortions unwinding, with beneficiaries including financials, industrials, and real estate, as well as hotels, restaurants, and airlines.Citi Private Bank suggests that investors not hold excess cash and wait for a "better entry point." Instead, the bank recommends that investors be fully allocated and invested after deciding on how much cash they’ll need for the

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Citi Private Banks see COVID value distortions unwinding in 2021