Fourth Quarter 2020 Attribution Summary

Equities ended the year at all-time highs. After 20% and 9% gains in the second and third quarters, respectively, the S&P 500 added another 12% during the fourth quarter. Over the last three quarters, the S&P 500 gained 47%—its best three-quarter stretch since a period in 1974/1975 when it gained 55% from the four...