The "Recovery Trade" is on. Our market up 118 yesterday with recovery sectors like Travel, Leisure, Tourism, Energy and REITs leading the way. Even banks put in a show. And it continues this morning with the US and UK markets shut but the German market up 2.9% with travel and leisure in the lead in Europe as well as they consider lifting European travel restrictions/flights by the end of June. Our market up 90 at midday ahead of what is expected to be an Economic arousal speech by Morrison at 12:30pm. Today, as an added extra, we talk about some of the lessons that we have learned running a fund over the last few years and how they have led to our outperformance in this episode. The Marcus Today SMA is as high as its ever been and is up over 3% since the COVID-19 sell-off hit whilst the market is down over 20%.