“Industry Perspectives” 4Q 2020

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Read our view on the economy and key drivers of change in the global equity markets.

Date Published:
January 2021


The impact of the COVID-19 virus has been seen throughout all sectors of the economy and government, but we foresee robust U.S. economic growth starting in the second half of 2021. During the post-vaccination period this year, pent-up demand for virtually everything outside of home will provide a springboard for a dramatic economic recovery.

In this latest Industry Perspectives, we discuss:

  • We believe the mainstay of a healthy stock market in 2021 will be profits, not lower interest rates and their accompanying higher price-to-earnings ratios.
  • We see robust U.S. economic growth starting the second half of 2021, with the stock market producing a positive, but more modest return this year.
  • Sometime this year COVID-19 risk will fade, relations with our allies and rivals will improve, global GDP growth will rise sharply, and a pickup in inflation could become a possibility.

Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.

Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.

Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.

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