This week we celebrated National Farmer’s Day, a holiday that goes back more than 200 years despite the profession existing for more than 12,000 years! Our nation’s farmers work tirelessly to ensure there is food available for our tables, and the industry is responsible not only for countless jobs but for the livelihood of many of our communities. As it further relates to the economy, we believe the initial seeds for recovery have been planted, and we hope that positive catalysts such as the highly awaited Phase 4 fiscal stimulus package and the successful development of a vaccine come to fruition so that a full return to pre-pandemic GDP levels can be reaped. In fact, as we cultivated our outlook for the remainder of the year and for the next 12 months, our long-term positive view for the equity market was rooted in an overall improving macroeconomic backdrop. However, our rationale is supported by several historical and fundamental factors too.
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