Dear Clients, It’s rare that we see a year – both in the markets and in the broader economy – that provides such great teaching points to all investors. 2020 was such a year. If we had closed our eyes on December 31st, 2019, and then opened them at the very end of 2020, we would have seen that the market had appreciated almost 16%. When I say market in this instance, I mean the market as defined by the price appreciation of the S&P 500. Assuming that we reinvested dividends, that figure would be closer to 18%. No one can argue that it wasn’t an incredible performance year in the markets. As it pertains to the broad market S&P 500 index, if you had a million dollars invested in the at the end of 2019, your million dollars would have grown by $180,000.
