We’re obviously pleased US stocks and our model portfolios have recovered so strongly from the COVID-19 bear market. Quick and strong medicine from the Federal Reserve, as well as federal and state governments, has turned investor sentiment around. Stocks have been on a tear for more than two months. But let’s not get ahead of ourselves. We see several major headwinds which point to a long and uneven economic recovery. We see rich valuations by any traditional measures; massive unemployment which will be slow to turn around; re-thinking of tension with China; an explosion of government debt, and the associated uncertainty for future government spending. In our view, the stock markets ha