Writing for The Australian Financial Review, investment strategist Stephen Miller discusses the aggressive actions by central bankers in 2020 and the excessive reliance on monetary policy, which has led to a seeming disconnect between financial markets and the real economy.

As if it had not provided enough drama already, 2020 gave us a fitting full stop: abbreviated family Christmas gatherings, underwhelming Near Year’s Eve celebrations and the unusual spectacle of a sparse MCG crowd on Boxing Day.

However, financial markets reflected a capacity to see a silver lining in the COVID-19 cloud, with equity markets ending the year at or close to historic highs. For some, that presages better times ahead for 2021.

In its preview of 2021, The Economist magazine notes the number 21 is connected with luck, risk, taking chances and rolling the dice. While I certainly hope the association of that number with luck is borne out, the journey poses several challenges.

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