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 In The Lonely Bull

What do we think about investment prospects for the new year?  Although this past one was terrific for results, we see no reason why next year’s cannot be quite good as well.  However, stock market leadership is likely to change.  This past year’s leading stocks, in many cases, have stretched valuations.  That does not mean they need to crash, just that outperformance is problematic.

Other categories will probably come to the fore.  Material, industrial, and financial sectors seem ripe for leadership.  Smaller and medium sized companies in all sectors could do better than larger ones.  Also expect European and other international stocks to play catchup to the U.S. market returns.  Emerging markets look especially well placed for such a move.  So, good performance in 2020 is what we expect, but from different players.  Stay steady, my friends.

The Lonely Bull

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