MRB hosted a webinar last week that featured our senior team, who each outlined their top investment ideas for next year, and fielded questions from clients. The forecast of an improving global economic and trade outlook was prevalent in the discussions, as it has important investment implications. Our theme of recent months that investors will rotate from the U.S. in terms of currency exposure has panned out, and now a rotation towards select non-U.S. equity markets is starting to take hold. However, investors remain hesitant to fully embrace the rotation theme, as there are still considerable economic and health uncertainties. We expect this hesitancy to fade over the course of 2021, but keep in mind that every year brings surprises – stay tuned.