What an extraordinary and unforgettable year 2020 turned out to be. Ideally 2021 will be a little less “exciting” than the one we have just experienced!
The global emergence of Covid-19 was of course directly attributable to much of the upset and uncertainty we experienced throughout the year – particularly in relation to lockdowns, border closures, and extreme economic uncertainty. While the fast-tracked development of several Covid vaccines by year end was far from an instant cure, it was at least a welcome signpost pointing back towards “normal”. Hopefully 2021 will see the world continue to move in that direction in unison.
Another unexpected event in 2020 – particularly during the darkest days of the market fallout in late March – was that long-term investors who stuck to their plan would recover quite so quickly. So, we are very pleased to be able to report that, having weathered an exceptionally turbulent year, patient investors have done exactly that.
The accompanying Summer Update contains a high-level review of 2020 with a summary of the various asset class returns, as well as identifying a few key learnings from this eventful year. And in the feature article – titled ‘The Triumph of the Optimist’ – we highlight some insights from 100 years of financial market returns and explain why this century of findings was particularly relevant to us over the last 12 months.
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