U.S. stocks reached all-time highs in 2020.  The market’s rise was surprising, given nearly 20 million reported coronavirus infections and 345,000 fatalities, an estimated GDP decline of 3.5%, an estimated earnings decline of 17%, and about 11 million unemployed people in the U.S.  The strong market performance during 2020 may have seemed irrational but in our view, investors responded with reasonable logic to the events of 2020.