ACWI - Short And Sharp: What If It All Goes Wrong?

• Global markets have started 2021 with the same enthusiasm for the global reflation trade that has been driving markets since November of last year.
• We expect global GDP growth to recover sharply as the second virus wave fades and vaccination rates pick up.
• However, the dismal economist in me keeps whispering "what about the risks?"
• Instead of fearing a growth scare or being outright bullish, investors are better off staying diversified across sectors, styles, regions and asset classes in order to benefit from any upside, but also protect themselves from the downside risks that continue to threaten markets.

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