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2021 Q1 Investment Letter (A Pandemic Reflection)
The S&P 500 Index returned 6.17% and the S&P Global Broad Market Index returned 5.23% in the quarter ended March 31, 2021.1 As we write this letter, it’s been a little over a year since the COVID-19 pandemic started. So much has changed since then, but hindsight and recency biases have a way of distorting …
