Buoyed by successful vaccine rollout programmes and the sense that we are at the beginning of a positive new global economic cycle, stock markets around the world, notably in the US, UK and China, have bounced back strongly.
Now investors must confront a challenge: how to reconfigure their portfolios in the light of this cyclical economic recovery.
The problem is that classical cyclical stocks — industrial, hotel, airline, mining, energy and even cruise line shares — have already spiked sharply this year, with many reaching record levels.
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