2019 Outlook, 2018 Takeaways & Market Review
1. We find little evidence of excess in the economy that usually results in a recession, and this gives us reason to think the next recession is still some time away.
2. The investment markets are re-pricing for a slowdown in economic growth, but absent a recession, the bull market is likely to resume.
3. Non-U.S. stocks and value stocks offer some attractive opportunities given their respective cycles.