Q4 Market Commentary – January 2021

Now that we’re all firmly settled into 2021, let’s take a look back at the final quarter of 2020. Here's the latest Market Commentary from our investment committee, reflecting on Q4.

Human beings love to make predictions. Just look at the extraordinary growth of the gambling industry. Twenty-four hours a day, you can place a bet on anything from the number of throw-ins in a football match to the colour of the Queen’s hat at Ascot. 

But there’s a problem - and a reason why online betting is one of the most profitable sectors in the economy. It’s that most of us aren’t very good at it.

You might have thought that last year, of all years, would have taught us to be wary of making financial forecasts. Twelve months ago, few financial forecasters were predicting that a then-obscure virus in a remote corner of China would morph into a pandemic that would ravage the global economy.

You can read and download the full document below, or here if you’d rather view it in a separate browser window.