It was not an easy year, despite the economy recovering as we moved out of the worst of the covid epidemic, and markets hitting new highs. There are well-known problems in the economy, including inflation that seems less and less to be transitory; supply shortages; and businesses having difficulty finding employees. And in the market, fewer and fewer stocks are making the running, while many markets, sectors and individual stocks have losses for the year. As we look ahead, we see increased difficulties with inflation, in the economy, and with the Federal Reserve’s attempts to tighten, while the market is increasingly vulnerable to a meaningful pullback. In this scenario, some foreign markets should do well while gold will finally emerge from its cocoon.  Finish reading here: Portfolio Review 4Q 2021