• The S&P500 rose by 27% in 2021 outperforming the DJIA and the Nasdaq by 8.16% and 5.50% respectively. This is only the sixth time that the S&P500 has beaten both indexes in a year. In all of the previous instances the S&P500 continued to rise by an average of 12.6% the following year.
• Gold failed to protect investors from inflation this past year, with most actively traded gold futures dropping around 3.5%. This is the largest decline since 2015. The dismal performance is largely the result of investor’s expectation that the fed will raise interest rates. Since gold does not pay income it becomes a less attractive asset in rising interest rate environments. 
• Despite the stock market’s strong performance, the latest UMich Consumer sentiment index tanked 13% to 70.6, which is the lowest level since 2008. This is the first time in history that sentiment has experienced double digit declines for two years in row while the S&P500 has simultaneously achieved double digit gains. 
• 2021 set another record in regards to M&A activity. Last year 62,193 deals occurred, resulting in an overall M&A activity value of $5.8 trillion. This is 64% higher than 2020 and far higher than the previous record of $4.5 trillion achieved in 2007. Despite tougher antitrust regulation under President Biden the US still accounted for close to half of all this M&A activity.