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Perspectives Newsletter: Q4, 2019
Coming on the heels of a miserable 2018, where no major asset class managed to beat inflation, the 2019 outlook for both the market and the economy were dour. A year later the economy had stabilized, multiple major uncertainties were resolved positively, and each major asset class bested inflation. By the end of 2019, the US economic expansion had become the longest on record and the S&P 500 boasted a total return of 498.5% from the March 9th, 2009 bottom. Looking more closely at the quarter itself, all major stock indices recorded strong gains. Leading the way higher were Emerging Market equities, buoyed by a first step in resolving the trade dispute between the US and China and signs of improving global economic growth. While EM stocks still lagged for the year, their outperformance in the quarter - and especially December - were notable. Domestically, the outperformance of value witnessed at the end of the third quarter did not carry over with growth stocks again finishing ahead of value. In line with the greater “risk-on” nature of the final quarter of 2019, small cap stocks rallied, though still finished the year well behind large and midcap indices.
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Parsons Capital Management, Inc.), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Parsons Capital Management, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Parsons Capital Management, Inc. is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. If you are a Parsons Capital Management, Inc. client, please remember to contact Parsons Capital Management, Inc., in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing, evaluating, and/or revising our previous recommendations and/or services. A copy of the Parsons Capital Management, Inc.'s current brochure discussing our advisory services and fees is available upon request.
