“I think this is going to be one of the historic recoveries, up there with the end of major wars,” he told MarketWatch around the turn of the year. “There’s enormous demand from consumers. Can you imagine when we get the all-clear and start moving back toward normalcy?”

But three months into the year, Andersen is glum. In an interview last week, he talked about the way big segments of the market seem to be in favor one day, out the next. “We toggle between value and growth, stay-at-home and re-opening, almost daily,” he said. “I don’t know who is driving this, but it must be following some kind of algorithm.”

Andersen is trying to be patient, recognizing that the economy is at a once-in-a-generation inflection point and that everyone is operating in unprecedented conditions. Still, he said, the financial markets sometimes feel like a house of cards.

“It’s confounding,” he said. “The market is…

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