In the coming year, we believe risk assets should continue to outperform, as the economic and financial backdrop remains healthy. But, as we are getting closer to the latter stages of the business cycle amid high levels of bullishness within the investing community, elevated equity valuations, and historically low volatility, investors should brace themselves for downside surprises.
** I have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone, and may not reflect the views of National Bank Financial Group. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. Therefore, this report should be viewed as a reflection of my informed opinions rather than analyses produced by the Research Department of National Bank Financial **