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Peter Jackson / January 7, 2022

Fourth Quarter 2021 North American Equity Strategy

The good news, from a stock market perspective, is that returns were even better in 2021 than 2020. The bad
news is that as we write this family and friends are being exposed to and/or falling victim to Omicron, which
may have a basic reproduction rate (R-value) as high as 10, far exceeding earlier variants and second only to
Measles.