Macro Forecasting for 2021

Last year's extreme rapid fire developments, and especially their origin in an exogenous and unforeseeable event, the virous outbreak, created great challenges for investors. To have taken maximum advantage, one would have had to have gone into late february prepared for a significant shock, and then turned bullish a month later. Obviously, few investors did both. And the exceptional buying opportunity came to what, for our purposes, was a premature end.