Perhaps one thing that we can all agree on, and that which doesn’t need debating is the strong performance of risk assets during the last quarter. The S&P 500 was up 3.9%, non-U.S. developed markets were up 6.4%, and emerging markets were a top performer, up 9.2%. Not to be outdone, investment grade and high yield bonds also posted strong returns. This year’s best performing asset classes were the absolute worst last year—markets remain cyclical. The overall market returns were in many ways surprising in the aftermath of “Brexit”, a low to negative corporate earnings growth environment, a world of negative interest rates in other G7 countries and maybe…maybe… a step to higher interest rates in the U.S. 

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