This week we wrap up our conversation with Brian Nick, Nuveen’s chief investment strategist:

The Lead Left: Brian, how do you compare this cycle with the last one?

Brian Nick: The last cycle ended because of an excess of leverage and risk-taking by individual households and within the financial system as a whole. The housing bust was a match that lit a huge pile of kindling, and it greatly hampered the economy’s recovery. This time, we’re entering a recession with an 8% average household savings rate, a healthy banking system and the Fed quickly launching its emergency playbook.

Having worked and lived through the GFC, I’m more optimistic about today’s recovery than I was then, even understanding that the chief variable that will allow the recovery to take place—the virus—is impossible to model for and ultimately out of our hands.