Market Commentary — April 26, 2021

It was an up and down week for the markets last week. Small caps outpaced large caps, and tech names broadly under-performed. No particular themes dominated such as re-opening plays or Reddit favorites. And maybe that’s a good thing!

Biden’s proposal to double the long-term capital gains rate for taxpayers who earn more than $1m a year, may have taken the wind out of those investors’ sails. The tax hike would be used to fund the American Families Plan which includes things like free community college tuition, and child-care subsidies.

On a positive economic note, unemployment claims fell to their lowest level since March 2020.

Quarterly earnings season is in full force providing more evidence that the economy is transitioning to a post-pandemic environment. Netflix reported a steep decline in the number of new subscribers, as people have either run out of movies to watch or are actually leaving the house again. Similarly, airlines have seen a pickup in bookings as more and more Americans become vaccinated and are traveling for the first time.

Our family just took its first airline trip since the pandemic started, fully vaccinated and ready to tackle humanity again. It felt really great to do normal things again like hugging family members. Here is to more travel, hugs, and the return to normalcy.

Jane Edmondson
CEO and Co-Founder

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