The frenzied rally in stocks (June 15, 2020)

Even accounting for market volatility last week, financial
markets have staged an impressive rally from their March 23rd
low. Some of that made sense to us, but a rotation towards the
heaviest covid-impacted sectors of the economy had us scratching
our heads. In this week’s episode, we discuss how to
differentiate between optimism and exuberance in a highly
uncertain environment.