Earnings conference calls in Q4’20 have shown a marked increase in management optimism, with net positivity rising by 36.6% versus calls held in Q3’20. That likely reflects improved economic activity after the pandemic’s industrial lockdowns but was still 9.3% below the pre-pandemic calls of Q1’20. Only four sectors, including Industrials and Consumer Discretionary, have improved quarter-on-quarter and versus pre-pandemic levels. Panjiva’s U.S. seaborne shipping data can demonstrate whether management optimism is backed by an acceleration in supply chain ...