It is hard to believe, but a year ago, we were in the middle of a market meltdown, with no end in sight. My first post on the COVID crisis was on February 26, 2020 and my fourteenth post on the crisis was November 5, 2020. I gather these posts in a paper: bit.ly/3l442qq 
If you are looking for an objective, theoretical perspective, this paper will disappoint you. It is data-driven, agnostic about theory, and personal, as I draw on my real-time posts to chronicle my ups and downs during 2020: bit.ly/3l442qq
As markets made their way back in 2020, I use company-level data to chronicle the winners and losers from the crisis, by looking at market cap and operating shifts during the year, and find that the flexible & the young won out over the rigid & the old. bit.ly/3l442qq
The stage was set in 2020 for active investing to showcase its market timing and stock picking skills, but sadly, neither showed up during the year at mutual funds & hedge funds. Value investing continued its decade-long slump, with no end in sight. bit.ly/3l442qq
It was the resilience of risk capital that best characterized the market and explained its effects in 2020. Venture capital, IPOs and high-yield debt issues stayed in the game during 2020, and falling risk premiums reflected that resilience. bit.ly/3l442qq
Be forewarned. The paper is overly long, has no groundbreaking insights and probably a few typos, and I am sorry, if you are disappointed. But writing is my therapy, as I seek to rediscover investment serenity. bit.ly/3l442qq
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