Annual Market Insights & A Look Ahead - Jan 4, 2021

Never Bet Against America

2020 tested America like no other year. It was as if the perfect storm made landfall and washed across the continent. The Covid pandemic, the shutdown of the economy, a presidential election, fires and hurricanes, and civil disobedience.

Yet, as the economy was near the bottom, investment legend Warren Buffett reiterated, “Never bet against America.” We won’t forget this year, but optimism is embedded in our DNA.

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Economic Distortions Created by the Pandemic - Dec 23, 2020

One only needs to walk into a restaurant to see the distortions generated by the Covid pandemic. That assumes the restaurant is open.

Sales at restaurants are down 17% vs one year ago, according to U.S. Census data. But sales at grocery stores are up 11%.

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Rising Covid Cases Hamper the Economy - Dec 21, 2020

Daily Covid cases have jumped and many state officials have introduced new restrictions, which is beginning to have an impact on the economy.

In November, retail sales fell 1.1%. Ex-autos, sales were down 0.9%. As Figure 1 illustrates, sales came roaring back earlier in the year thanks to generous jobless benefits, $1,200 stimulus checks, job growth, and the re-opening of businesses.

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