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2019 was the year of the “everything rally.” Investors’ fear of missing out (FOMO) combined with there is no other alternative (TINA) has helped offset the 4Q18 sell-off. The geopolitical outlook remains uncertain and poses a significant risk to any economic and capital market outlook going forward. While the current capital market and economic cycle seem extended from a historical perspective, most sell-side analysts, strategists, and portfolio managers believe there is still room for markets to run. However, we see economic cracks forming, and fear the unintended consequences for capital markets associated with near-zero global short rates.
Form more insights and views on these topics and more, reach out to us and request a copy of our comprehensive 2020 Market Outlook.