It was a difficult quarter, with political chaos, covid still a concern—from a new curfew and restrictions in Britain and Spain to the illness of President and Mrs Trump as reminders—an economic recovery in the U.S., one of the strongest quarters ever (though of course following the worst quarter since the Great Depression), but an outlook more uncertain than usual, and with stocks and many other assets very overvalued. For all that, the investment results were acceptable. Though the outlook is not clear, two things are reasonably certain: the environment will remain volatile; and the Federal Reserve will remain extremely loose. This is positive for gold, and the latter supportive of stocks, which remain risky nonetheless. But overall, apart from gold, we are cautious given divergent trends, an unstable environment, the unclear outlook, and high prices driven by excessive speculation and excessive liquidity. Finish reading here: Portfolio Review 2020 3Q