In this year’s “Firm, Economic and Market Update,” we look to provide our clients the firm’s scorecard for our 2021 forecast and the Firm’s outlook for 2022. We continue to believe that we will go to the top of the cycle of the longest bull market ever. It is easy to get caught up in the good times when returns have been so robust. We are evermore cognizant of risk at these levels. Our normal vocabulary gets interrupted this year with old words such as “inflation”, “stagflation”, “higher energy and commodity prices”, while our current vernacular remains focused as always on earnings, interest rates, and year-over-year comparisons.