Whereas my last note was an executive summary of the economy, here is our detailed capital markets report for the last 3 months of 2020.

Despite all the doom and gloom in the headlines, US equity markets set all new record highs on the last trading day of the year:

Click here to download Q4 Quarterly Market Review
The economy is not the stock market, and the stock market is not the economy. With economic data, we’re typically looking backward, but capital markets tend to be forward looking.  If that’s the case, then capital markets have a strong opinion about the future.  Time will tell.

This quarter’s trivia:

In an average quarter, the US stock market is up a little over 2%.  This quarter, the US stock market was up:

  1. 4%
  2. 7%
  3. 11%
  4. 14%

For the year, global real estate finished:

  1. Down 9%
  2. Down 2%
  3. Up 8%
  4. Up 12%

The strongest Q4 developed country capital market return was:

  1. Austria
  2. France
  3. United States
  4. Switzerland

And the strongest Q4 developing country capital market return was:

  1. Colombia
  2. Thailand
  3. India
  4. Egypt

For the quarter, prices for Gold and Natural Gas were:

  1. Up
  2. Down

While the prices for Unleaded Gas and Copper (Dr. Copper) were:

  1. Up
  2. Down

Enjoy your weekend,

* * * * *

D (page 3)
A (page 4)
A (page 11)
A (page 11)
B (page 14)
A (page 14)