2020 Too Far Too Quickly? Danny Popescu 06/01/2020 433 Closed Good day, The large discrepancy between the economic fundamentals and the stock market continues. While we’re pleased that equities held in our client portfolios have recovered substantially, it’s important to recognize how far forward this market is looking. Over 3 million jobs have been lost in the US, meanwhile, the S&P500 has climbed roughly 37% from its March lows. It seems the stock market has priced in a V-shaped recovery, has shrugged off tensions between the US and China, and is looking forward well into 2021. While there are some positive signs suggesting that the economic fallout might not be as bad as originally assumed and massive stimulus programs could shore up economies, the S&P500 is trading at the same level it was in October 2019, a time when the US economy was extremely strong. Given the current environment, we believe being defensive is key. We continue to hold quality companies with stronger balance sheets while maintaining a meaningful allocation to alternative assets which include private debt/credit and multi-family residential real estate. Have a great weekend. Daniel Popescu CFP, CIM, FMA, FCSI President & CEO “I have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone and may not reflect the views of Harbourfront Wealth Management. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. 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