In this letter:
As 2020 ends, the contrast between solid financial markets and the ravages of COVID-19 continued
Both equity and fixed income markets saw noticeable regime changes during the year
The classic 60% equity/40% fixed income portfolio just had its best two-year return since 1997-1998
A year-end investment commentary typically talks on performance, valuations, levels of market indices and rates, to name a few common topics. It would be tone deaf of us, however, not to acknowledge u
