Investment Commentaries: 4th Quarter 2020

Index Returns	4th Quarter	Calendar Year 2020
S&P 500 US Large Cap Stock Index	12.1%	18.4%
Russell 2000 Small Cap Stock Index	31.4%	20.0%
MSCI All Country World Ex-USA Stock Index	17.0%	10.7%
Barclays Capital Aggregate Bond Index	0.7%	7.5%
US Core Consumer Price Index - (Inflation)	0.4%	1.7%

     *All figures as of 12/31/20 unless otherwise noted.

Markets continued to reflect investor optimism throughout most of 2020, despite a crippling pandemic, a heated general election, a turbulent transfer of presidential powers, and frequent civil unrest across the country. The S&P 500 stock index climbed 18.4% (close to double the long-term annual average) after increasing by over 30% in 2019. Bonds in aggregate returned 7.5%; only 1% less than in 2019 and still well above the long-term annual average of around 5%. Asset classes and market segments that gained steam in April as the virus took hold persisted through the end of the year. As the long-awaited new year begins, markets weigh a few key issues and we look ahead to consider the long-term ramifications of current conditions for portfolios.