At this point in the year we’re normally making the final preparations for our annual Holiday Party, but like so many other events throughout the pandemic we’ll have to look forward to hopefully resuming that tradition next year.  We’ll miss seeing you in person, but hope that each of you, and your families have a safe, healthy, and enjoyable holiday season.

A recent bright spot is the stock market’s strong performance during November as the S&P 500 rallied about 10.75% hitting new all-time highs along the way. (YCharts) This rally has come in a month where we’ve had no shortage of headline news. 

While COVID-19 case numbers are bleak there have been a number of developments that potentially bode well for the future.  These include continued improvement in our economic dashboard, major progress on a potential vaccine, and the fact that the election is in the rearview mirror (almost).  While the economy isn’t back to pre-pandemic levels, economic data points have consistently beaten expectations over the last few months.  As stocks have moved higher investors appear to be focusing on the better than expected results and looking forward to brighter days ahead. 

As we look to 2021, our portfolio positioning has evolved, with portfolios now positioned to reflect our more optimistic outlook.  We believe that it’s likely the economic recovery will continue with the aid of recent vaccine news, accommodative Federal Reserve, and potential fiscal stimulus.  That said, we wouldn’t be surprised to have a bumpy ride along the way given the potential economic and psychological toll of the pandemic.  We will continue to monitor the market and economic data closely and stand ready to make changes to portfolios as needed.

Sincerely,

Your team at TLWM

* Investment advice offered through TLWM, LLC., a registered investment advisor.

* The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.

* The Standard & Poor’s 500 (S&P 500) is an unmanaged index. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment.

* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

* Past performance does not guarantee future results. Investing involves risk, including loss of principal.

* You cannot invest directly in an index.

* Consult your financial professional before making any investment decision.

* Stock investing involves risk including loss of principal.

* This document is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Texas Legacy Wealth Management and its representatives are properly licensed or exempt from licensure.

* No strategy ensures a profit or protects against a loss.