ETRN - A Look Back At 2019 And 3 Investment Themes For 2020
Reflections on 2019
This past year was defined by both extreme fear and extreme greed.
Beginning the year in the wake of a ~20% correction in stocks, fear dominated the investment community. Widespread proclamations from prominent investors that a new bear market was upon us could be heard on every business network and numerous print media outlets. The yield curve inverted, although the 2-year / 10-year yields only inverted briefly and shallowly. Later in the year, the Fed's cutting of the ultra-short interest rate along with a contraction in global manufacturing (including here in the