When we wrote to all of you in October, our quarterly message focused on how importantly patience and perspective during the upheaval of
2020 had served us. And despite several dark and ominous themes, most investors faired quite well if they maintained their poise and long-term
approach. But now what? Let’s not forget we are only partially through the ravages of a pandemic. It is not over. And we are also still faced with an incredible degree of political, social and civic divisiveness that continues to frame a domestic environment that frankly seems just one spark away from even greater unrest.