When anxieties about the spread of the coronavirus gripped markets in March, and sent share prices into a free fall, investment managers, fearing the complete destruction of the world economy, took fright and looked about for the quickest escape route.

Five months later, markets have recovered their losses with Wall Street trading at peaks. Investment managers, though, are still eyeing the door, concerned, this time, that lofty equity prices bear no relationship to the woeful underlying economic conditions.

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