Jonathan Lavine’s Annual Letter - March 2021

The dizzying start to 2021 has made it more challenging to write a letter in which I hope to offer broader commentaryonourstrategyandoutlook. BetweentheinsurrectionattheU.S.Capitol,theDemocrats’ historic Senate win in Georgia, Biden’s inauguration and the second impeachment of Donald J. Trump – all set against the backdrop of a global pandemic – this letter, like 2021, has seen many iterations in a short period of time. While I started drafting this letter in early January to augment the fund level reporting you have already received, it is only making its way to you now that enough time has passed to process the fits and starts characterizing the start of 2021 and the challenges of 2020.