Quarterly Commentary
Q3 2020: The Best Lines Are Odd Non Sequiturs

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Major indices ended the third quarter with gains despite continued global economic challenges. The S&P 500 Index rose 8.93% and the MSCI ACWI ex US Index rose 6.34%. However, for the entire year of 2020 (1/1/2020 – 9/30/2020) the S&P 500 Index is only up 5.57% and the MSCI ACW ex US Index is down -5.07%. Even if an investor entering the year held throughout the whole year to match indices, the risks far outweighed the rewards. Keep in mind, during the pandemic in March, the S&P 500 Index was down over -11% in ONE SINGLE DAY. Hyper uncertain periods of time are met by large swings in volatility, which may be far from over...

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