Navigating the Recovery Trade Is Getting a Whole Lot Trickier Bloomberg 10 hrs ago (Bloomberg) -- The easy part of the recovery trade may be over. Global markets look to have reached a turning point in their rebound from pandemic lows. In previous phases there was an unusual cohesion of views around havens like gold and the stay-at-home trade, followed by bets on a value rotation and steepening yield curve. What comes next is much less clear. Take the debate between value and growth. Societe Generale SA and JPMorgan Chase & Co. say value shares will keep outperforming at this stage of the market cycle. Prudential Financial Inc. and AlphaOmega Advisors LLC say the sector is due for a pullback. There is just as much as divergence over the fate of the dollar, and on the next move in Treasuries.