2020 was defined by abnormality. A global pandemic. A 31%Q drop in 2Q20 US real GDP. US$7.3 trillion of G4 central bank balance sheet expansion year-to-date. Oil prices trading at -US$37. Some of the fastest declines, and rallies, for markets on record. We think that 2021, in contrast, will be defined by a return to more normal conditions. This feels odd to write, as the global pandemic rages and many lives remain disrupted. But we think that it will be true. The year ahead should see economic growth recover, control of the virus improve and uncertainty decline. Challenges remain, 'new normals' will materialize at the 'micro' level and we doubt that the recovery will be a smooth, one-way street. But we think that things will be better. Trust the recovery, keep the faith.