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so how did 2021 go well said simply it was a great year for stocks it was a pretty good year for bonds uh low interest rates but bond prices that everyone expected would fall through the year didn't it was a year that gave a little bit of something to everybody except for the bears it started off with a big move early in the year toward near euphoria with an emergence of special purpose acquisition companies spack ipos setting records and having a form of dominance in the ipo market that they've never seen before that near euphoric bloom started fading as fears grew of inflation interest rate hikes the continuity and evolution of the delta variant later the omicron as concerns built about the politics of america and the hostility uh between the parties as you will remember full well president biden promised in his campaigns that he could unify the country clearly the country is not unified it doesn't really matter if you're on the democratic side of that spectrum or the republican side of that spectrum uh you know the country's not unified and there's people on both sides tend to blame the other side but you you know that's we're as polarized as we've ever been if not more so and the feature as the year progressed from the spring the stock kept rising irregularly while more and more sentiment moved back toward just kind of normal optimism as opposed to the new euphoria the back market faded away and only a very few space would come to prevail and those only some of the most which you might view as spectacular ones the reality of fears about interest rates going through the roof faded away but with them that did not become optimism in fact quite the contrary as we moved toward a realm where early in the year fed chair jerome powell had said boy inflation is transitory uh to where he then said it's not transitory now if you've listened to me for any period of time i always tell you don't pay too much into what heads of the central bank say anyway but that's neither hearing there the fact is we've come to a world where people are very concerned about inflation and is inflation this big bad thing here to stay and that's again brought optimism down when optimism comes down and stocks keep going up this is archetypally and 2021 was archetypally a year that moved to its back half bull markets climbing a wall of worry all these things that people feared while stock kept going up anyway and in fact in december we have set closing record highs and in that the bull market as measured by uh the broad market s p 500 or the world has been a strong one growth has done a little better than value as i speak but value's done pretty well small stocks big stocks this kind that kind it's given a little bit of some to everybody and nobody's had a terrible time except the bears so as we think of that year it's actually been overall a pretty darn good year starting with a lot of optimism near euphoria moving to a just optimistic year overall that's no longer euphoric that's built a base that has the potential to endure thanks
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