Take out global viral contagion and the U.S. presidential election and we still had a bonkers year from an equity market return standpoint. Fixed income, too, as interest rates fell at one point to forever lows, reflecting grand concern that economies around the world would need tremendous support to weather the activity-destroying effects of the COVID-19 outbreak. Icing on the cake, the surge in stocks from the bottom saw those sporting our preferred characteristics lead the way. Those trends have continued as we’ve launched into 2021, a year during which we expect to hear echoes of 2020, but which we otherwise foresee furthering more optimistic trends of the prior few months.