We wish all our clients and readers a very Happy New Year and all the best for 2020. Last year was a vintage one for the equity market. The advance was broad-based, encompassing most domestic sectors and international indices. That the market should have had such a good year was far from automatic. The hurdles stocks faced were considerable with the industrial economy weakening steadily throughout the year. Yet, stocks were powered upwards by the 180-degree reversal in Fed policy and the strength in the consumer economy. The market rallied strongly into year-end as investors celebrated a potential turning point in the trade war with China.