Market Review The S&P 500 (as represented by the iShares Core S&P 500 ETF - or IVV) generated a gain of +11.70% during 2020Q4. This was eclipsed by gains of +24.02% for US mid caps (IJH) and +30.86% for US small caps (IJR). Overseas the story was also peaches and cream with developed stocks (EFA) posting an +14.63% return and emerging stocks (EEM) delivering an impressive +17.19% result. Things were a little less rosy on the bond side of the table. The short, intermediate, and long Treasury indices posted quarterly returns of -0.15%, -1.54%, and -3.39% respectively. Dipping down the credit spectrum, investment grade bonds (LQD) returned +2.54% while high yield bonds (HYG) returned 4.05%. It is helpful to remember that the annual correlation between stocks and bonds is on average negative - meaning that they tend to move in slightly opposite directions over time. Quarterly Projects JQR Capital is committed to providing you with the best service for your fee dollar. There are s