Below is an excerpt from President and CIO Jordi Visser's recently published whitepaper, "The Unwinding of Globalization, Fallen Angels, & Behavioral Alpha." You can access a full copy of the document by clicking here.
During my career, I cannot remember a year quite like 2018 that ended so vastly different from the expectations set in January. 2018 surprised almost everyone and many investors are searching for answers. The facts are that asset prices are lower and visibility for investors and corporations going into 2019 are more uncertain than they appeared to be at the beginning of 2018. Confusion creates anxiety but importantly offers opportunities for those able to control their emotions. This paper is my perspective on what happened this past year and why, in my opinion, this is an inflection point similar to 2008 where investors will need to once again check their cognitive biases at the front door and be ready for a new environment going forward. Read more.
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