By any measure, 2020 has been a historic year. The COVID-19 pandemic triggered a string of events that will have permanent consequences going forward. While the stock market has bounced violently higher since the March lows, the global economy continues to reel from the traumatic impact of the worldwide shutdowns. In a matter of weeks, the U.S. was jolted from the lowest unemployment rate in 50 years to the highest since the Great Depression. How future events will unfold from here is anyone’s guess. Huge protests in the middle of a once-in-a-century pandemic serve as a perfect example of the unpredictability of the current situation. As investors, our job is not to accurately foresee the future, but rather to properly calculate our odds for success given the risks and opportunities at hand. As it stands, we do not believe most assets are priced to provide attractive returns over the next 5-10 years, particularly when considering the current pressures on corporate profitability.