Introduction and Market Update -

We hope this report finds our clients and friends doing well and staying healthy during these challenging and uncertain times. Nearly a year into a global pandemic, we have all done, and will continue to do, our best to adapt to new realities. As we write this report from homes and offices across the country, in Washington, D.C., Austin, TX, Denver, CO and New York City, we recognize the unique challenges that individuals, companies, investors and governments alike continue to address and surmount.

Amidst the darkness of the pandemic, with the U.S. and other countries setting - almost daily - new records for coronavirus cases and hospitalizations, there are also bright spots of hope during the second half of the year. In early November, the Pfizer / BioNTech and Moderna teams both released preliminary results which showed their respective vaccines to be more than 90% effective in protecting people from COVID-19. Once each vaccine’s safety has been confirmed and the vaccines can be manufactured and distributed, individuals in the U.S. and abroad can start receiving vaccines in the continuing effort to reduce the pandemic’s grip on our planet.

Please see full Publication below for more information.