Who would have thought the U.S. large-cap stock market would exhibit so much strength in 2020 — a year marked by a pandemic that caused a swift recession with spikes in unemployment and declines in GDP that were at Depression-era levels. In the spring, many were predicting doom and gloom for the year and suggesting investors should reduce equity exposure. We concluded that prudent and aggressive fiscal policy responses would enable the economy to weather a self-induced soft patch to invest in our health. What comes next? Watch our 2021 Crystal Ball Outlook to hear perspectives from Jeff Krumpelman, chief investment strategist, and Katrina Scott, chief investment officer.