After largely focusing on what could go wrong, markets were set up for a positive surprise heading into the election or regarding upbeat vaccine news.
The sector is trading at its lowest relative valuation in at least 40 years, according to Goldman Sachs' David Kostin.
But once a vaccine becomes widely available, the founder of Pershing Square Capital Management expects boom times for the economy.
The Japan- and industrial-heavy portfolio is underperforming the market but individual positions have done extremely well. Where does he go from here?