While equity markets continued their rebound from the depths of the Covid-19 selloff, leadership shifted as signs of a “reflation” trade that emerged in September persisted.
After clawing back its losses from the Covid-19 selloff throughout much of the second and third quarters, the high yield market moved solidly into positive territory for the year during the fourth quarter.
Those who think it’s possible to predict the future of economies and markets with any sort of accuracy would have a hard time explaining 2020—a year dominated by a black swan event that descended u
The price of gold has risen considerably over the past two years as real interest rates—to which the price of gold has historically been inversely related—have cratered.
While growth has outperformed value significantly since the global financial crisis, the two styles have traded leadership in recent decades and value has dominated over the long term.