New Year. New Beginning.

Recovery, Reopening, and Returning to Normal

January 2021

2021 — A New Beginning?

Executive Summary

2020 Review

2020 was a year unlike any other. With COVID-19 dominating world events, a global recession shook markets. Our investment themes, modified in March, were mostly accurate, as a strong recovery followed the worst recession since the Great Depression. Equity markets proved to be more resilient than expected after bouts of extreme volatility, and interest rates declined to historic lows…


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