There's no doubt that 2020 was a strange year for the markets. The first quarter took a massive bite out of everyone's portfolio, but once the markets moved past the initial shock of a global lockdown, stocks recovered quickly.
For Tom Russo and Semper Vic, the story was the same. Semper Vic was down 21.7% in the first quarter of 2020, when the market carnage was at its height.
This piece is part two of a very in-depth walkthrough of some of Russo's letters over the years. You'll find part one here (1993-2016),