December 14, 2018
Dear Family, Friends and Clients,
Return to Normalcy: Part 2
Here is a quick summary of asset class returns in 2018;
US Large cap: Down
US Small Cap: Down
Foreign Developed: Down
Emerging Markets: Down
US Government Bonds: Down
Foreign Bonds: Down
Real Estate: Down
Global: Real Estate: Down
Commodities: Down
Bitcoin: Down
Gold: Down
Silver: Down
I do not believe we are entering a bear market, though it’s difficult to defend the data above.
However, I believe the market is taking a much needed rest, in what will likely be a rally of 20-35% in 2019. We need to shake out the weak hands, who only bought because they liked Facebook, Amazon, Apple, Netflix and Google or those who are “blind” index investors.
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