MacNicol’s Monthly Commentary – August 2020

The concept of time is a funny thing. Sometimes one hour feels like an eternity and sometimes one year feels like the blink of an eye. Oddly enough, when I reflect upon the year so far, it is as if the year has passed in a blink of an eye while also lasting an eternity. It was back in February when the S&P500 registered it’s all time high. Nearly 6 months have passed, and to say a lot has happened would be the greatest understatement of the century. Yet, if you were to pull up the price graph for the S&P (see next page) and compare the start of the year (pre COVID 19) to the last couple of months you may be met with a sense of Déjà vu. The price sits just shy of the 3,386 all time high and has exhibited a positive trend over the last month akin to that which was seen in January and early February.


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