We sold a false sense of Goldilocks, now we should buy a misplaced fear of Armageddon.
When we wrote our last Quarterly, in early October 2018, the US equity market had just had its longest losing streak since the start of the Trump presidency. The key question at the time was if US Equities would enter a bear market and drag other equity markets further down with them. Our answer was and remains: no.
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