This month on Ebb and flow, we are looking ahead, specifically to the year ahead for equity markets. For this outlook we turn to the Head of Equities in the Americas for UBS Global Wealth Management - one David Lefkowitz. David’s 25 year career as an equity strategist has taken him from the Warton School of Business to Credit Suisse to Goldman Sachs to, I’m thankful to say, the UBS Chief Investment Office. We ask David for his views on market drivers like economic growth, the US consumer, and corporate earnings…and on market risks like inflation, potential policy errors, and COVID itself. We also touch on broader thematic opportunities coming into focus around energy transformation and infrastructure spending and get this CFA’s thoughts on the approach to investing in markets at or near record highs.