In the 4Q 2020 issue of our quarterly publication, we:Discuss the wild ride municipals took in 2020, including the impact of COVID-19, uncertainty around the presidential election, and record new issuance reached in the fourth quarter.Detail M&A issuance in the nonprofit health systems as well as pressures seen in higher education and transportation.Explain why comprehensive, careful credit research is so important.
If 2020 taught us anything, it’s to expect the unexpected. With that in mind, we humbly present our outlook for 2021. Take our fun little test to learn how much you know about what we think lies ahead.Regardless of whether you know the answers to this pop quiz, consider our outlook as you participate in the economic recovery and continued stock market strength.
December 18, 2020—It has become cliché to point out that the year 2020 defied all expectations, including those of most investors. So, it is with humility that we revise our financial market expectations and portfolio asset allocations heading into 2021. There has been a divide between the economic trajectory—which has been languishing—and a stock market that continues to make new highs.