Recapping 2019: Positive, But Costly Returns
Purely from a returns perspective, 2019 appeared to be a banner year. The S&P 500 and other major equity indexes posted double-digit gains and hit new all-time highs in 2019. Investors feasted on easy money from accommodative central banks. U.S. equities set the pace, despite some high-profile wobbles. Developed markets were close behind. Sentiment towards emerging market ((EM)) equities remained firmly linked to a US-China trade deal, as any trace of progress led to surges in investor optimism, including the start of Q4 when EM jumped to the head