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  • The promise of a vaccine-led recovery has recently lifted value stocks and other assets that benefit from economic improvement. 
  • Bitcoin has also ridden the bullish wave as investors bet that the cryptocurrency, like gold, will be an adequate hedge against inflation. 
  • These prospects are still outweighed by the risk of a second COVID-19 wave and a sudden reversal of sentiment among investors, warns Societe Generale’s Albert Edwards.

Just a few months ago, experts were warning that investors who overlooked the risk of inflation were doing so at their own peril

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