– 3 of 5 our key asset classes managed to finish the year in positive territory, with US equities leading for two yrs in a row.
– Growth stocks dominated, and 2020 beat the dot com era for growth vs value outperformance. Energy has been the worst sector for 6 of the last 7 yrs.
– Emerging market equities beat developed market equities in 2020, led by strength in Chinese equities.
– Despite a strong Q4 in credits, it wasn’t enough to outperform long duration Treasuries in 2020. Bitcoin finished the year up nearly 300%, and lumber more than doubled.