![Morgan Stanley IM: Bear Market Rally? Morgan Stanley IM: Bear Market Rally?](https://images.investmentofficer.com/sites/default/files/styles/large/public/GBaR-Bear%20Market%20Rally_0.jpg?itok=OSUcZ3J6)
Andrew Harmstone, Manfred Hui
Evidence suggest that the recent strength in developed markets may just be a bear market rally with further downside potentially on the way. Here is how the GBaR team think about investment allocation to reflect the outlook.