Winter 2020 Quarterly Commentary

2019 turned out to be an extremely positive year for equity markets across the world. At the beginning of the year, not many investors were optimistic regarding the prospect for equity markets, mainly because we had just come out of a bad fourth quarter in 2018 with the worst December on record. On the economic front, the data was mixed. The common belief was to expect a slowdown in the economy because the tailwind of the tax cuts were expected to fade. Neither of these consensus expectations came to fruition. In fact, the opposite happened with the S&P 500 when it closed 2019 with a gain of 28%.