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.
December 15, 2020—Technology companies were the undisputed darlings of the equity market in 2020, benefiting from a structural acceleration of technological adoption that resulted in strong organic growth in a weak economic environment.