The first quarter of 2025 was quite a roller coaster for investors.

A W-shaped recovery is also known as a double-dip ... into the markets after they believe the economy has found a bottom end up getting burned twice—once on the way down and then once again ...

So, we need a broader recovery in the macro data to really ... And you will have more bottom-up confidence in company earnings that is going to start to play through. But we have to be cognisant ...