The year of 2020 was like no other in our lifetimes as a once in a century pandemic shut down the world as we all knew it and the global economy experienced its worst shock since the Great Depression of the 1930s.  The stock and bond markets sent investors on a roller-coaster ride. The S&P 500 experienced its fastest 35% decline ever during February and March, only to skyrocket back to all-time highs.  Investment--grade and high-yield bonds had a similar experience as credit spreads shot up and back down and Treasury bond yields plummeted to record lows.  We also had a presidential election.  As this historic year is put into the history books, investors are left to ponder – what should we expect in 2021?

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