Co-Chief Investment Strategists Emily R. Roland, CIMA, and Matthew D. Miskin, CFA, evaluate how their top portfolio ideas performed last year and share how they’re positioning for 2021. The co-strategists explain why they’re looking for some parts of the equity markets—including traditional value sectors, mid caps, and emerging markets—to catch up to the hot performance of dominant mega-cap stocks in 2021. In fixed income, they discuss why they’re more constructive on high-yield corporate debt, even though they still like high-quality bonds such as U.S. Treasuries for diversification and some protection if high-flying stocks falter this year. Finally, Matt and Emily offer their thoughts on the recent turmoil in Washington and how markets and the economy may be affected by the election results.