What a ride. After the fastest bear market in history, the S&P 500 finished 2020 up by 18.4%. Smaller capitalization stocks, as measured by the Russell 2000, outperformed larger stocks and returned 20% for the year. Small cap stocks had meaningfully underperformed on a year-to-date basis entering the 4th quarter but saw exceptionally strong performance in Q4 returning over 31% over the final 3 months of the year relative to just 12.1% for the S&P 500.
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