After spending 2017 sheltered from volatility – thanks to low inflation pressures and strong synchronized growth – global markets ventured into the outdoors in 2018, resulting in a disappointing year for most investors, with nearly all assets but cash and government bonds offering losses. At this point, the key question is whether 2018 headwinds will evolve into a real economic storm, or will they end up whisking away the many clouds that had gathered toward the end of the year. As we move into 2019, we review the current state of (1) global economic growth, (2) monetary policies, (3) asset valuations, and (4) investors sentiment.
** 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 **