Small-Caps Continue To Rally: The broad US equity market stumbled over the five trading days through Friday, Nov., 20, but shares of small companies ignored the setback and powered higher for a second straight week.

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One of the biggest challenges for managing tail-risk expectations is the limitation on clarity imposed by history. For most markets, the post-World War II era provides the primary if not the only dataset. But expanding the opportunity set into some asset classes further reduces the available track record. Think junk bonds and emerging markets, for instance. How can we solve this challenge? Simulations are the first choice in the toolkit.
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CDC asks Americans to stay home on Thanksgiving: NYT
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Georgia recount reaffirms Biden win in the state: AP
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