Markets have staged a tremendous recovery over the past couple of months, largely predicated on assumptions of a strong V-shaped recovery and bolstered by improving virus data. Infection growth continues to decline as countries reopen, while early vaccine trials have delivered positive results. Still, the threat of a second wave hangs in the air and there is no certainty that any vaccine will be effective, making it difficult to be more than cautiously optimistic about the timetable for economic recovery. In our latest podcast, we spoke with Ewout van Schaick and Mark Belsey about what we can expect in terms of vaccine development, the likelihood of a second wave, and why, despite the multitude of unknowns, we’re increasing our risk-on stance in our multi-asset portfolios.