The year 2020 has been an emotional rollercoaster and this past month was no exception. The S&P 500 is up 12.1% on a total return basis in the month of November. Significant contributors to the market’s effervescence are a degree of certainty that the ultimate election outcome will be a divided government combined with news of a highly effective Covid-19 vaccine.
In “Election Day is over. There’s a vaccine. Now what?“, we take a look at what the market “baked in” prior to November and how it has adapted since. These are exciting times in the market, filled with themes like gridlock, rotations, steepening and the like. We hope you find these thoughts informative and, as always, we welcome your questions and comments.