Succinct Summary: Most parts of the economy have normalized and the economic winners are booming. Technology, cloud service and e-commerce are leading the way and other industries are surging as well. Financial service firms focused on M&A advisory, trading and restructuring are seeing strong business. The housing market is also on fire with new home sales up 32% y/y. This week's election and a renewed wave of COVID could dampen activity, but for now, the economy is doing remarkably well. COVID may have led to structurally higher productivity. Editor's Request: This weekly newsletter is made possible by donations from our readers. If you like what you are reading, click here to donate (Our suggested donation: $10 per month). Help us keep The Transcript going.