Fourth Quarter Update

October 31, 2020

“If you mix politics with your investment decisions, you’re making a big mistake.”
—Warren Buffett

The coronavirus is still very much with us, as is much of the economic dislocation occasioned by the resulting lockdowns. Granted, we are evidently closing in rapidly on a vaccine—indeed, a number of vaccines. But it may be quite some time yet before most of us will get access to a vaccine, and frustration will likely increase. As well, in the coming weeks the US will go through a hyper-partisan presidential election, with a variety of voting issues we’ve seen few countries deal with before.

So before we’re further engulfed by these multiple unknowns, I want to take a moment to review what we as investors should have learned—or relearned—since the onset of the great market panic that began in February/March. And that ended when the S&P 500 Index regained its pre-crisis highs in mid-August.
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