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QMR – 2019 Q4

The 4th quarter of 2019 was the exact opposite of the prior year, where markets were declining aggressively as we tried to enjoy the holiday season. The 4th quarter returns for most asset classes in 2019 were equivalent to a year’s worth of historical annual returns. Examine Exhibit I to see the returns for 2019. There were plenty of concerns as we entered 2019: the trade war, an impending recession, changing interest rates, a government shutdown, and the general feelings associated with our political process.