Sometimes it is said the stock market and the economy are not the same; however, the stock market does trade on future expectations. More economies are reopening, especially state economies in the U.S., and this is contributing to increased consumer confidence and demand. Near triple digit returns over the last twelve months were achieved in some stock indexes compared to 20%-30% declines a year ago. Click here to read this quarter's Investor Letter which touches on our thoughts and viewpoints as the pandemic headwinds begin to subside.
Thank you for your continued confidence and support and we are always available to answer any questions from you or your clients. Additional commentary can be found on our website and blog at www.horanassoc.com/insights.