After a dramatic stock market plunge in the first quarter of 2020, markets have rebounded almost as dramatically in the second quarter. We therefore maintain that because the downturn was deliberate, and as stock markets tend to be forward-looking, it may well prove relatively short-lived. Re-emphasising the surprising pace of this rebound, we explain that portfolios have recovered much of the losses sustained in the first quarter, and look ahead to the opportunity which lies in the current dispersion between industries and markets.