Imagine for a minute that you fell into a deep sleep on December 31, 2019, only to wake up in these last few weeks of 2020 (Rip Van Winkle-style on a tighter timeline). When you wake up, you are told that a global pandemic has been raging most of the year, economic activity contracted by about 4%1 this year and we also went through a presidential election that is still being contested.
Although you likely would have other concerns on your mind in this scenario, suppose someone asked you: Would you prefer to have been fully invested or liquidate your investments to cash this year?
What would your answer be?
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