2019 was an exceptional year for the financial markets and nearly all asset classes posted surprisingly high returns. However, one year does not define investment success any more than one season defines a true sports fan. The past decade has delivered robust and above average financial asset returns, substantially supported by global central banks and the use of low interest rates to stimulate economic growth. With global bond yields near historical lows and U.S. stock valuations and investor sentiment currently at high levels, it is a challenging setup for future returns. It doesn’t necessarily mean 2020 will be a disappointing or negative year but investors should keep their expectations in check. We believe it is prudent to prepare for more meager investment returns.
Mark J. Majka, CFA, Chief Investment Officer
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PLEASE NOTE: ABSOLUTELY NOTHING IN THIS ARTICLE SHOULD BE CONSIDERED AS INVESTMENT ADVICE OR RECOMMENDATION REGARDING THE SUITABILITY OF ANY INVESTMENT. FOR MORE INFORMATION PLEASE REFER TO DISCLOSURES.