The year 2020 has been fraught with challenges on a global scale which have significantly impacted the economic outlook. The COVID-19 pandemic shut down the global economy to an extent, sending the global labor market into a tailspin. Earlier in the year, it was difficult to imagine how exactly the economy was going to work through the challenges it faced. Although the economy is far from out of the woods, it has shown some positive and encouraging signs of recovery. Global governments and central banks stepped up with unprecedented economic stimulus, which stalled the tailspin. What we have also learned is that the economy is rather resilient, in large part due to consumer behavior. With individuals receiving support payments from the government, the consumer does not stop spending, but rather reallocates where they spend. Although travel, resorts, restaurants and other service-related sectors have been punished, online retailers, shipping companies, technology, renovation, landscaping and other sectors have benefited greatly and present forward-looking opportunities. Meanwhile, the jobs recovery has begun, and the industrial production cycle has re-engaged. Although the road to recovery won’t be traveled overnight, the economy will continue to expand gradually as it repairs the wounds left behind by the pandemic, shifting to where growth is possible. The predominant risks on the horizon are a re-closure (to an extent) of the economy due to an uptick in global COVID-19 cases and the U.S. presidential election which may subject Americans to greater taxes. In Canada, we continue to face ballooning budget deficits and a political landscape that is lacking any enticement to the global business community. Overall, although some fog remains, we continue to focus on the long-term economic recovery which should bear fruit for investors who stick to a disciplined investment process.