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Market Commentary – November 2020

December 8, 2020

Policy, Politics, and the Pandemic

■ Developments during the month of November, particularly election results and vaccine news, served to remove uncertainties, and as a result, asset prices increased substantially across markets.

■ While some details still need to be worked out, such as the Senate runoff in Georgia and the logistics of distributing vaccines, investors can now focus on a reduced set of possible outcomes.

■ As we head into next year, asset allocation decisions will largely reflect views about “redefining normal,” which will certainly be different than the pre-COVID world.