2021 has been a historic year for the economy and stock market. Economic activity is recovering at a once-in-a-lifetime pace as businesses expand and consumers spend.

Please find below our quarterly market review and commentary for the 2nd quarter of 2021. This is a new format - we hope you find it helpful.

One of the beneficiaries of the lockdowns and social distancing measures of the past year has no doubt been the housing market. It is well known that many flocked to the suburbs, moved to warmer climates, and traded up their homes during the early stages of the pandemic.

Economic growth is heating up as consumers spend more, businesses ramp up activity, and record amounts of government stimulus flow through the system.

Despite the jump in interest rates this year, the yields on many corporate bonds remain low. This is driven by many of the same factors that continue to push the stock market higher: the strong economic recovery and rebound in corporate profits.

Do Downturns Lead to Down Years? The answer to this question is, "almost never." It hasn't been a particularly fun week for most parts of the stock market, but it's hardly a reason for major concern. And most major market indices are way up (in most cases up double digits).

The past few weeks have seen one blockbuster economic report after another. From the 916,000 jobs that were added in March to retail sales jumping 9.8% month-over-month, these are some of the best economic numbers we could see in a lifetime.

Following a year of economic instability, it appears that many of us are turning our attention to something that’s been around for decades, but has recently piqued national interest - inflation.

As we begin the second quarter, it would be an understatement to say that investors have faced historic challenges over the past year. From the pandemic lockdowns to the sudden recovery, staying invested and maintaining a long-term view has been rewarded.