When we look back on 2020 there is perhaps no better way to sum up the year than to quote Charles Dickens: “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.”

For those with a meaningful level of financial assets, the year likely closed on a positive note with most seeing their net worth at an all-time high. For those living paycheck-to-paycheck or working in an industry adversely affected by the COVID-19 pandemic, the year ended with tremendous uncertainty and fear. This contrast in economic prosperity or despair has created one of the most unique investing environments we have ever seen. Elected officials and central bankers now face the nearly impossible goal of...