INVESTMENT COMMENTARY – FOURTH QUARTER, 2020
Resilient Market, Tempering Future Expectations Resilient. That would be our response if asked to characterize 2020 U.S. equity market performance in a single word. The list of challenges markets overcame as prices moved to record levels is well known: the global pandemic, restrictive lockdowns, oil price wars, election uncertainty, etc. Investors experienced a full market cycle, which normally spans a 3 to 5-year period, in an incredibly short amount of time. The markets notched record highs in the start of the year before enduring a bear market decline over a…