October 2020

Q3 2020 Commentary

What a year! 2020 is one year that none of us will ever forget. Surreal is a word that has become overused, but it is perhaps the only word that describes what we have experienced this year. If you had been told in January that a virus would cause the country to be locked down for months, that many would no longer go to the office but would work from home, that schools and colleges would close down, that most voluntary travel would end, and that all music, art, and sporting events would be canceled, you would not have believed it. Then, if on top of that, you were told that the worst crowd violence, riots, and looting in five decades would spread across the country, you would think that you were losing your mind. And finally, if you were told by market pundits that the broad U.S. stock market would be at a higher level than at the beginning of the year, you would know that the world had gone mad. But this, indeed, is exactly what we have experienced.

Robert H. Bradley

Chairman

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