Equity Commentary

What a year it was!
Looking back over this past year seems as if one was in a dream. 2020 started where 2019 left off as equity markets continued their advance.

Fixed Income Commentary

Beating Expectations
Fixed income returns for the quarter were positive as corporate bonds excelled. Shorter duration Treasuries remain glued to the floor on the expectation it will be several years before the Federal Open Market Committee attempts to raise the federal funds rate.

Economic and Market Overview

Two Steps Forward
While there are many adjectives that could be used to describe the experience for investors in 2020, one that is surely appropriate is breathtaking.