From the Desk of the Investment Policy Committee: 2020 Outlook

Everything in Moderation

Despite a variety of geopolitical issues, 2019 was a banner year for stocks. Some investors are questioning if the rally can continue. Don’t stock returns have to revert to the mean? Are we due a pullback just because of how far the market has climbed? Maybe…, but not necessarily. In the past 50 years, the S&P 500 has risen by more than 20% 17 times before 2019. In the year following those 17 years, the market was up 12 times and down 5 times with an overall average return of 11.52%. Last year’s great returns do not automatically mean gloom for 2020.

 

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