The Monthly Letter covers two topics this month.  First, recent vaccine announcements indicate a coming end to the Global Pandemic, with vaccines starting to roll out before year end.  Unlike 2008, the US and Europe possess an intact Banking System, ready to lend as opportunities open up.  With Consumers sprouting strong balance sheets and Corporate Profits now above their Q4 2019 peak, the fuel for a Global Economic Boom awaits the spark to set off a blazing inferno.  Second, with technology continuing to drive down the cost of Wind Power, Wind Power’s economics became more and more attractive compared to traditional forms of producing power, such as natural gas, over the past decade.  However, with numerous communities opposing the erection of windmills that scar the landscape, kill birds, and impact real estate values, wind farms faced rising opposition to locate and operate on land.  To address this NIMBY issue, the industry developed offshore windmills that can sit in the ocean and deliver power back to land. Given the political support for green energy production, new wind farms are being constructed at a rapid pace in Europe and elsewhere.  And, with an explosion in orders over the past few years, Offshore Wind Power should grow dramatically, meeting a significant portion of the growth in power demand. And Third, as always, we close with Views From The Stream.

Should you have any questions on how the above issues or the items discussed in our accompanying cover letter impact your family’s financial position or your business’s future as well as the potential actions you could take in response, please do not hesitate to contact us.  We welcome the opportunity to discuss this with you.