PORTAL 2020 REVIEW AND 2021 INVESTMENT OUTLOOK

Highlights
• The Portal Digital Fund has delivered an excellent inaugural track record,
returning 47% over the past 3 months and 70.1% since inception in May 2020.
• 2020 was a turning point in the global economy with the Pandemic exposing
the inadequate returns of both equities and fixed income for the given risk.
• Digital currencies became accepted as a mainstream investment due to the
perceived debasement of currency cause by unlimited printing of money in the
form of quantitative easing.
• Issues for investors to consider when allocating capital in 2021:
1. Whether a large monetary overhang can stoke consumer price inflation
through the debasement of fiat currency?
2. Are corporate earnings going to justify the current lofty equity valuations?
3. Can interest rates go any lower or stay this flat indefinitely?
4. Is real estate immune from this crisis given the continued growth in online away
from bricks and mortar and rising vacancies?
5. Is expansion of alternative uncorrelated investments in a portfolio an option or
a necessity?

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