Last week, The Washington Post asked 9-year-old Clarke Smith to describe 2020: “It’s like looking both ways to cross the street and then getting hit by a submarine.” Not a bad metaphor, right? In a year with unknowns constantly lurking, we doubled down on our core principles and managed to turn a crazy year into a really good one.
As for next year’s outlook: All cycles begin and end with recessions; this time is no different. A new cycle has begun and the recovery is underway. In fact, we expect to see a big economic recovery in 2021 – but that doesn’t necessarily mean the same for markets. Markets always live in the future, so the gains this year were in anticipation of a solid recovery next year. This should temper some expectations for a big market gain in 2021. Think of it more as a pause to let the economy catch up, before we continue our upward march. Full outlook below - enjoy!
