It’s the time of year for reflection, both on what has transpired—very good in markets if perhaps bumpy—and on what might be in 2020. For investors, it’s particularly important. Afterall, how does one follow up a stock market that has risen a white hot 25% in 2019. Can you top this?
The way I read the economic data is that there are at least two keys to stock market action next year, and both lead to the potential revival of animal spirits. Let’s face it, we haven’t seen that kind of pro-market, enthusiastic sentiment in a long time, thanks to how painful the 2008-2009 bear market was. This bull is still not accepted by many investors but that might change soon and many investors remain gun shy.
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