Market Commentary January 2019

We wish all our clients and readers a very Happy New Year and all the best for 2019. Last year was one in which all stock market maxims went out of the window. A strong January is supposed to foretell a good year. Stock levels at the nine-month mark were indicative of a better-than-average fourth quarter, only to plunge at a rate not seen since 1931 when we were in the throes of the Great Depression. Not to mention “Sell in May and go away”, which turned into “Buy the summer, because autumn will be a bummer”.  Contributors to the sudden collapse in market direction include tariff wars, rising interest rates, a US government shutdown, weaker energy demand and Brexit. Despite these challenges, we are quietly optimistic and shall continue to make the bullish case as we see it.