Stocks saw a bit of a pullback last week, after chalking up strong gains at the start of the new year. This is perhaps unsurprising. Expectations have risen significantly on the back of better prospects for 2021. We suspect a fair amount of potential good news has been priced into stocks. It is, therefore, likely we may see more volatility, if and when reality fails to meet the lofty expectations. And with the start of the US quarterly reporting season, there will be opportunities for disappointment. That said, we remain upbeat on the outlook for further gains and are keeping our Global Portfolio near fully invested.

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