Humanoid robot "Prepper"in Germany in April, 2020. Agence France-Presse/Getty Image

While we are nowhere near out of the woods with COVID-19, there is growing chatter on Wall Street about how to invest once the virus leaves us (hopefully sooner than later). Christopher Smart, chief global strategist and head of the Barings Investment Institute, tells his clients they need to answer three questions before proceeding:

Is COVID-19 over? (Yes). Will next year be normal (Yes), and Whats the best way to play the next cycle? Navigate secular trends that the pandemic has speeded up technology that will reshape business, rising concern for climate change, and new patterns of living, says Smart.

Echoing those sentiments, our call of the day from AB Bernstein lays out where investors should position themselves over the next three to five years.

We think that long-run equity sector positioning has to be assessed across several dimensions, some of which are linked to the macro policy outlook and some to how demands of investors will change post COVID, says a team of strategists led by Inigo Fraser Jenkins.

Bernstein says sector performance will be shaped by the following: real rates staying low or negative for a long time; strategic policy shifts on tax, buybacks and labor bargaining power; valuation spreads that are extreme levels and changing demands of investors as they face post-pandemic challenges; and growing interest in ESG investing (Environmental, Social and Governance).

As for where to invest, here are the teams top ideas:

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When the pandemic ends, these are the places you want to invest - MarketWatch