INVESTOR’S
GUIDE
2021
FORTUNE DECEMBER 2020 /JANUARY 2021 45Def ying a pandemic, logic, and even gravity, the S&P 500
rose a very healthy 10% between Jan. 1 and mid-November.
If—or hopefully when—society tames COVID, should
investors expect more of the same? Well, yes and no. Our
in-house finance reporters (see page 46) and our panel of
outside experts (page 66) agree that the return of a more
“normal” global economy in 2021 could reorder the ranks
of winners and laggards, delivering big gains for some of
this year’s most beaten-down stocks. Our annual guide also
takes a closer look at two upstart forces pulling the market in
opposite directions: the stock-app Robinhood and its young,
bullish traders (page 102); and the new breed of short-sellers
whose muckraking has made them the nemeses of many
an overhyped company (page 56). We explore as well the
influence of a more pernicious force: the double standard to
which venture investors hold female founders (page 92).
HOW TO PROFIT FROM A “NORMAL” WORLD