2019: The Year in Review

An Echo of '88, trade shocks, monetary interventionism and the US economic juggernaut

This is the third installment of our 2020 outlook series, our review of 2019 with an eye on the implications for 2020. Our core investment theme for 2019 originated in January 2018 when we wrote our first ‘Echoes of ‘87 note. In 2018, like 1987, tax reform had contributed to extreme optimism as evidenced by the S&P 500 trading at the top end of its hist…