Global stock markets zooming ahead amidst historic unemployment and economic contraction is surreal. Half of the U.S. has been locked down, with economies virtually shut, a second virus wave appears underway, yet the stock market is almost back to February’s highs (the Nasdaq is at all-time highs). And this is not only in the U.S.; Brazilian stocks are up 35% in the past six weeks amid a deepening virus crisis. We know that central bank money creation is the primary cause, but this dichotomy cannot continue indefinitely, at least without a meaningful correction. We discuss this below. Meanwhile, gold—for sounder reasons than stocks—has outperformed and, notwithstanding anticipated volatility, will, we think, continue to do so. Finish reading here: Portfolio Review 2020 2Q