Just as the 2020 shutdown of much of the global economy by the coronavirus pandemic was unprecedented, the recovery this year appears historically unique. Economic activity is reviving far more quickly than was feared, producing a “V-shaped” recovery and looks set to accelerate in the second half of 2021, particularly in the U.S. However, economic policies and investment fundamentals both have been reshaped in ways that global financial markets are still sorting out and a high degree of unevenness, and uncertainty persists. We think this process will create both opportunities and risks in the second half of 2021, highlighting the potential benefits of a strong strategic investing approach.