The year two thousand and twenty is drawing to a close much like it began: Stocks in a bull market, notching fresh all-time highs. These facts might seem somewhat unsurprising if it wasn’t for the historic events that occurred in the middle, namely the worst global pandemic in a century and the almost shockingly brief bear market that accompanied it.

There are many years that investors easily forget, but 2020 certainly won’t be among them. The S&P 500 has surged almost 65% since its March low and is on track to finish the year up nearly 14%.

The economy’s nascent recovery gets much of the credit for the market’s gains, as does a federal stimulus package, massive amounts of liquidity from the Federal Reserve and the rapid development of multiple Covid-19 vaccines.

Even ignoring the pandemic for a moment, 2020’s stock market defied expectations. The S&P 500 is up more than strategists forecasted this…

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