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.