A $41 billion wealth-management firm says the US economy is only 19% recovered from the pandemic — and lays out a winning investing strategy in the wake of a massive stock-market rally.

· Glenmede, a firm that manages $41 billion in client assets, says the US economy has recovered only a fraction of the business and consumer activity that was lost because of the pandemic and social distancing.
· Michael Reynolds, the firm's investment strategy officer, says Glenmede is underweight stocks and bonds in its...