2020 was a year to never forget. It started with great optimism based on record low unemployment, low interest rates, rising personal incomes, an accommodative Fed, and a rising stock market. However, early on, commencing in March, we and the entire world were confronted with a global pandemic emanating from a region in China that has foisted on us sickness and is approaching a death toll not seen for the last hundred years (other than HIV/AIDS), as well as the economic impacts of such.

We as investors face a complex investment environment as we seek to preserve and grow our capital. We maintained our commitment to long-term investing and it proved especially prescient as for nearly all of our strategies we have not only recovered all of our capital, but have created some meaningful gains for the year after navigating a shutdown of our economy with domestic GDP falling a stunning 31% in the second quarter.