Automation enabler Cognex (CGNX) has continued its rally from the March panic lows, as investors warm to the idea that the COVID-19 recession won't linger on as long as feared and that short-cycle end-markets like autos will recover strongly. Add in the strong growth potential of automation in the logistics/warehouse market and the perception of Cognex as a play on onshoring/reshoring, and the shares have continued to perform well, though the spread relative to the overall industrial sector over the last three months hasn't been as wide as you might imagine.
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