Acting rationally implies acting in accordance with reality, interpreting objective facts.

It seems to be a situation that we have suddenly found ourselves in. However, it is something that has been a few years in the making.

On a trading desk, we could say that our daily task is basically to go shopping. Let's imagine that our portfolio is the menu and to put it together we have to buy the ingredients.

Optimism and conviction. These two words perhaps best define the sentiment of our investment team today, based on our in-depth knowledge of our portfolios and the context in which we find ourselves as we move away from the pandemic.