Talk about a roller-coaster – 2020 was the king-daddy of them all! And while it’s not over just yet, I hope we can feel the intensity of the ride diminishing as if we were coming around that last corner of a real roller coaster. The vaccine is here; treatments and tests for the virus are available; and while there is still much suffering around the country, I expect we are much closer to the end of this ordeal than the beginning.
As for the markets in 2020, we close the year at all-time highs – something none of us would have predicted in mid-February. While some clients continue to comment on what appears to be an enigma, many have internalized the idea that the markets are all about corporate profits, or the prospect of future profits. That singularity explains much of the market’s performance this year. I’ll send another email soon to discuss more fully what happened in 2020 and where the market may be headed in 2021.
But for the time being, I wish you all a very Happy New Year. Be safe and healthy and enjoy the long weekend!
Cheers!
