What a difference a year makes. The fourth quarter of 2018 appeared to be the smashing end of the great bull market. An inverted yield curve, weakening macro data, very negative sentiment, and a Federal Reserve intent on hiking rates, even as the China trade war heated up, gave plenty of reasons for average, fundamentals-driven investors to sell risk assets. In 2019, we have almost the opposite backdrop, except for the macro data, which is mixed (the manufacturing sector remains in contraction). China trade is resolved, the Fed is easy once again, the yield curve