First quarter 2021 letter

David MoonClient

April 1, 2021 Dear clients and fellow shareholders: Only 13 months ago, the U.S. stock market was trading at all-time highs, unemployment was lower than economists once thought was possible, small business formation was at record levels and inflation was running at less than 2% annually.  We had just been introduced to the strangely self-contradictory term “social distancing.”  Most of us didn’t use the word “asymptomatic,” nor had we used “zoom” as a noun. Bernie Sanders appeared on his way to securing the Democratic nomination for president – which was irrelevant – because Donald Trump was a virtual lock for … Read More