What does “transitory inflation” really mean? I hope you will find it of some use in your own conversations. So here is my “cheat sheet” for this year. I am sharing it with all of you in the hope that it will contribute to a richer and more robust set of discussions at your own holiday gatherings before those conversations inevitably deteriorate into heated debates over everyone’s most favorite sports teams… or least favorite elected officials. I therefore leaned heavily upon the expertise and insight from our CIO team as I prepared my cheat sheet for this year’s gatherings. Unfortunately, my extended family somehow still labors under the illusion that along with the title of vice-chairman comes a clearer understanding of the biggest macro and market challenges currently confronting investors (I assure you, it does not). Faced with two separate family gatherings that will include conversations with an assistant district attorney, a police detective…and a strongly opinionated mother-in-law, I especially feel the need to be well prepared for a broad range on inquiry. As a result, we find ourselves splitting this holiday season between New York and San Diego. While the economy is enjoying its fastest pace of growth in nearly four decades and markets hover near all-time highs, COVID continues to cast a long shadow that undermines a return to normalcy.Īs far as my own family is concerned, we have much to be thankful for this year: our younger daughter got married to an outstanding young man and our older daughter gave birth to our first darling grandchild. For so many of us, this past year has carried a mix of both blessings and burdens.

Corona renderer cheatsheet