


Fourth Quarter 2020 Market Overview
2020 was a year that no one will forget. A devastating pandemic wreaked havoc on our lives, and the resulting shelter in place orders wreaked havoc on the economy. US GDP dropped a historic 32.9% in the second quarter, and the unemployment rate peaked at 14.7%, a...
Third Quarter 2020 Market Overview
The third quarter felt like a roller coaster ride for investors, as optimism around lessening state restrictions and hope for another round of government stimulus sent markets higher in July and August, continuing the historic recovery seen in the second quarter. And...
Second Quarter 2020 Market Overview
What a world of difference three months can make. By the end of March, the profound uncertainty of the economic impact of Coronavirus on the US and the rest of the world was largely priced into markets. Investors turned to investments like money market funds and US...
First Quarter 2020 Market Overview
The beginning of the year feels like so long ago that it may be hard to remember investors entered January with a sense of optimism. The US and China had made real progress in resolving trade disputes and many hoped that we had seen an end to “headline-driven” market...
Two Crises and Long-Term Changes
Our friend Mohamed El-Erian¹ has been writing, tweeting and appearing on business shows at a record pace lately, for obvious reasons. As our readers know, we have followed him since his days running the PIMCO Emerging Markets Bond Fund in the 1990s. Without...