A return to the office, packed flights and full nightclubs may seem like a distant future. But Wall Street has a new message for its clients: It's time to start thinking about life after the pandemic.

What's happening: Many riskier assets skyrocketed on Monday after Pfizer (PFE) and BioNTech said early results indicate their vaccine candidate is more than 90% effective. That raised hopes that vaccines could help normal life resume in 2021, driving a huge rebound in economic activity.
"The strong results from the Pfizer vaccine were better than most expected and [mean] we could be opening back up sooner than expected," said Ryan Detrick, LPL Financial's chief market strategist.
The optimism is pushing asset managers to think about making big changes to their portfolios. Before long, they warn, stocks that perform well when people are stuck at home — say, Zoom (ZM) or Netflix (NFLX) — could fall out of favor, while airlines, hotels and ride-sharing companies may look like smarter picks.
"Investors need to diversify for the next leg, toward more cyclical parts of the market that have lagged behind in 2020, and away from Big Tech and the primary stay-at-home beneficiaries," Mark Haefele, chief investment officer at UBS Global Wealth Management, told clients Tuesday.
He wasn't the only one looking ahead.


"We need to shift our attention to those parts of the market that have been the most hammered because of Covid and away from the work-from-home stocks that have had such an incredible year," said Peter Boockvar, chief investment officer at Bleakley Advisory Group. His view: "Covid is not forever."