QQQM - Monthly Newsletter - December 2020

• At the start of the new year, there is an almost irresistible urge to make predictions. Everybody wants to know what will happen next.
• Ending the pandemic is key to getting the consumer economy back to the pre-2020 normal. We feel confident that this will happen by the end of 2021.
• Much of the good news may already be priced into the market. We have seen the share prices of some companies, that are still in obvious distress due to the pandemic, rise based on expected rapid improvement.
• The speculative part of the market is in extreme bubble territory. New entrants carry values that cannot be justified by normal financial analysis.

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