January 26, 2021—We’re not even a month into the new year and it feels like we’ve packed in six months’ worth of news and developments. The nail-biter Senate runoff elections in Georgia were followed by horrific events at the U.S. Capitol, a second impeachment of the sitting President, the inauguration of a new president, and the inauguration of an historic vice president. The inaugurations coincided with the one-year anniversary of the first U.S.
January 22, 2021—On November 9, 16, and 23, three vaccine manufacturers announced surprisingly positive results in Phase-3 trials of their COVID-19 vaccines. Global equity markets quickly repriced “economic reopening” stocks on the back of this news.
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.