As we say good riddance to 2020, we enter 2021 with a confidence that new market and business cycles have arisen. We believe the economy, out of the depths of the COVID-induced recession, has entered what will be a protracted recovery, complete with the inevitable fits and starts, as experienced at the end of 2020. It may be years before the U.S. returns to its full productive capabilities and full employment has been restored. Nonetheless, we believe the markets will be focused on the improvements in economic activity in the coming years.
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