Quarterly Commentary – Fourth Quarter 2019
“Every bull market must have a wall of worry on which to climb.” -Wall Street proverb
2019 represented a banner year for investors across most major asset classes. The strong returns of stocks and other risk-based assets were driven by attractive starting valuations, accommodative monetary policy, and the easing of trade and geopolitical tensions. At the same time, falling interest rates caused by recession fears provided a tailwind for bonds, as bond prices move opposite rates.