This is part of Seeking Alpha's "Portfolio Positioning 2020" series.
What do you expect to be the key driver of stock market performance over the course of 2020?
In most years, changes in valuation are the biggest swing factor for equity markets.
The full year 2019 was about major valuation expansion on top of flat earnings, which along with low interest rates has led to historically high equity valuations.
The question going into 2020 is whether earnings will start to catch up to stock prices, or if earnings will disappoint, potentially leading stock prices to