“Industry Perspectives” 4Q 2018

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Download our latest "Industry Perspectives"


Read our view on the economy and key drivers of change in the global equity markets.

Date Published:
January 2019


Worries about rising interest rates, the continuing trade friction between the U.S. and China, and geopolitical tensions tempered risk appetites among investors in the 4th quarter. For the first time since The Great Recession of 2008, the S&P 500 Index posted a loss for the year.

In this latest Industry Perspectives, we discuss:

  • Machine-trading, models, and passive investing formulas have created a herd
    mentality, which in turn contributed to the recent market volatility.
  • Companies will have to find other ways to provide earnings growth this year, following 2018’s one-time benefit, produced by the sweeping corporate tax cut.
  • The condition of the global economy and the resolution of trade disputes are two critical factors impacting stock prices and the probability of positive returns for 2019 in our view.

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