Largely due to a reversal in Fed policy along with a hoped for Phase 1 trade deal with China, we finished the year without a recession and positive, albeit, slow GDP growth.

Inflation remained tame and unemployment rates hit new lows.

The economy should experience a bit of a rebound on the basis of lower interest rates and a pause in the trade war.

We don’t expecta recession and believe, once again, that in spite of all the things worth worrying about, themarkets should enjoy positive results for 2020.

At the end of each year, we like to look back on the year that was and consider what we got right, what we got wrong, and what we might have learned in the process. We then turn our attention to the year to come, hoping that by putting our thoughts in writing, we’ll gain greater clarity on the factors that might drive our investment returns in the future.

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