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When he was planning for 2020, Tom Shapiro, President, founder and CIO at GTIS, expected a lot of headwinds. What he (and everyone else) got was a full-blown pandemic that has some people mentioning the word depression.

“Nobody could have predicted COVID and a complete shutdown of the country,” Shapiro says. “But there were a lot of clear signs of an economic slowdown, including pricing starting to decelerate in a lot of areas. We saw a lot of data points that the economy was slowing down.”

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