Monday, October 12, 2020

Fall 2020 Investor Letter: Market Strength Continues

In our earlier Summer Investor Letter, we commented on the rapid market decline in the first quarter and the quick rebound that was unfolding. The quick rebound continued into the third quarter and by August, after a record short 126 trading days from the low on March 23rd, the S&P 500 Index recovered all the loss that followed the Index’s February 19 high. Despite a 3.80% decline in September, the S&P 500 Index was up a solid 8.93% for the third quarter. This near double digit return in the third quarter is on the back of the second quarter’s return of 20.54%.

In this presidential election year, one thing investors and the equity market do not like is uncertainty. So, with an uncertain or unknown outcome in the upcoming election, this could very well create some added market volatility. Our Fall 2020 Investor Letter contains additional commentary on equity market returns in presidential election years along with our thoughts on the current state of the economy. More insight is accessible at the Investor Letter link below.


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