Introduction
"What was surprising about 2019 is that every major asset class produced above-average returns...
We saw cyclical investments, those that tend to do well when the economy is accelerating like stocks and commodities, do very well alongside more defensive assets, those that tend to do well when the economy is not performing well like gold or government bonds...
If we do see global economic growth reaccelerate, that could lead international stocks to outperform. They’re a bit more economically sensitive, they have much lower valuations, and we can see all that come together to drive