What a difference a few months makes. Following a volatile end to 2018, all major equity markets advanced in the first quarter.

What a difference a few months makes. Following a volatile end to 2018, all major equity markets advanced in the first quarter.
Global stock markets plunged in the final quarter of the year, resulting in double digit annual losses for equity investors worldwide.
Global markets struggled this quarter, but the U.S. bucked the trend, and posted its largest quarterly gain in nearly five years.
Perversely, investors’ propensity to take on risk seems to increase the longer a cycle lasts and the higher past returns have been.
Despite all the optimism about improving global economic conditions, we think we’re transitioning to more challenging times.
This is the first time since 2010 that we have seen synchronized expansion and it seems reasonable to expect it to continue.