Quarterly Outlook

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Q1 2021 Client Letter

<img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2021/01/ACM-Logo.png" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img src="https://avaloncapital.com/wp-content/uploads/2021/01/ACM-Logo.png" alt="" class="img-blog"/>

Q4 2020 Client Letter

<img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2021/01/ACM-Logo.png" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img src="https://avaloncapital.com/wp-content/uploads/2021/01/ACM-Logo.png" alt="" class="img-blog"/>

Q3 2020 Client Letter

<img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" alt="" class="img-blog"/>

Q2 2020 Client Letter

<img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" alt="" class="img-blog"/>

Q1 2020 Client Letter

<img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" alt="" class="img-blog"/>

Q4 2019 Client Letter

<img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" alt="" class="img-blog"/>

Q3 2019 Client Letter

<img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" alt="" class="img-blog"/>

Q2 2019 Client Letter

<img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" alt="" class="img-blog"/>

Q1 2019 Client Letter

<img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" alt="" class="img-blog"/>

Q4 2018 Client Letter

<img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" alt="" class="img-blog"/>

Q4 2018 Client Letter

<img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img alt="" data-src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" class="img-blog lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img src="https://avaloncapital.com/wp-content/uploads/2020/10/how-we-work-with-you-image-2-scaled.jpg" alt="" class="img-blog"/>

Q3 2018 Client Letter

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