“Governments and central banks have spent the last decade trying to avoid a recession – then along comes this pandemic,” says John Bennett, manager of Janus Henderson European Focus fund. “Usually you get bargains in a recession, but this one is different: it’s a Control-Alt-Delete recession and the global economy has been reset.” John discusses some of the winners (industrials) and losers (fast food chains) in Europe and explains how two years of digital disruption have been squeezed in to two months.