'Tis the Season . . .
In appreciation of what has been as we look forward to 2021
'Tis the season. It's a phrase that is more resonant with me this year than in the past. Attempts to keep community and yet maintain social distance in this year of COVID have led to more outdoor gatherings. Where I live, this meant appreciating warm days, lingering light and sunsets that last forever in summer. The onset of winter has meant bundling up, sitting closer to the campfire and appreciating the effort that went into securing a propane heater. When you spend a lot of time outside, you cannot help but notice the passing of the seasons.
While the words don't exactly roll off my tongue just yet, I've been introduced to the Norwegian concepts of 'koselig' and 'friluftsliv'. Koselig seems to be about an adventurous spirit and social desire - finding a way to connect in the moment and make the best out of a bad situation. Friluftsliv focuses on the lifestyle of embracing the outdoors, regardless of the weather.
For me, these come alive when deeply appreciating what has been* and leaning into the opportunities of what will be rather than focusing on what wasn't, isn't or won't. Yes - it is cold and gets dark early today as we mark another winter solstice. Certainly some projects and plans for 2020 remain unfinished. But we captured some summer sunshine in the bottles of dandelion wine that are now ready to be enjoyed. Tomorrow will be bring more daylight and we will celebrate Christmas (in a uniquely 2020 fashion for sure) at the end of the week. Challenges yield opportunities.
The market experienced its challenges this year as well. But as it has made the best of the situation, it is finishing a historic year near its highs. The strength seen as Fall turned to Winter provides some hope that the season of consolidation that was present for much of the past two years in many areas may be yielding to a new season of sustained strength as we move into 2021. There are questions still that are unanswered. Is the recent leadership from small-caps and emerging markets relative to the S&P 500 another in a series of false-starts or does it reflect a durable change in trend? Copper and other base metals are screaming that global economic conditions will improve, while bonds seem to tell a different story - Which market will have it right? There will be risks and opportunities for sure, but if we are prepared then we can make the best of any situation, regardless of the weather. In fact, knowing the season helps provide important context for the weather on any given day.
The passing of the solstice doesn't immediately make the days warmer. We still need the mind set of bundling up - we still need an adventurous spirit. As we enjoy warm (and warming) drinks by the outdoor fire, we reflect and anticipate. We find the resolve to lean into the the challenge. We don't always know where the path will lead, but we can still take the next step. Before we know it, Winter will yield to Spring and the seasonal cycle will continue as it always has.
Here's to a Merry Christmas. Let's toast the lengthening of days and may we keep a spirit of adventure on the road ahead.
*In terms of appreciating what has been, I share this evidence of a two-decade long partnership that I am immensely proud of and deeply honored to have been part of. The journey changes, the friendship persists. Thank you, Bruce.
