Welcome to Thoughts on the Market.

I'm Adam Fergadamo, US equity strategist and head of thematic investing for Morgan Stanley.

Along with my colleagues bringing you a variety of perspectives, I'll be talking about how

investors may want to look for nuance in the reopening trade.

It's Monday, May 3rd at 11am in New York.

Much of our focus this year has been on an obvious but an important theme for markets,

and that is, what is the reality of reopening really look like versus the hope of reopening?

Let's start with the notion that the COVID economy brought immense change to the way we work,

to the way we live, and to the way we consume.

For many of us, the past year has meant working more at home and consuming more at home,

and our ability to do that required the acceleration of an ongoing trend,

the digitization of the economy.

With reopening now underway, vaccine distribution rising, and warmer weather ahead,

we think that means an even faster move toward reopening.

But as we approach the return to normal, the post-COVID normal won't look exactly like it did before.

So as the economy emerges into this new normal,

we think the market will be rightly focused on which changes are here to stay,

and which are reverting to old patterns.

And to add a bit of complication for investors,

we have to discover whether the market is correctly pricing this new normal.

So there are a few debates we're watching that are tied to reopening.

First, we're to margin shake out as productivity gains seen during the pandemic,

...