Coming off the end of 2019 investors had just experienced a very positive year with many experiencing double digit returns. Unfortunately, COVID 19 has reared its ugly head and caused complete havoc with global markets and with the global economy.
Whereas the first quarter of 2020 was devastating to global markets, the theme of the 2nd quarter has been recovery, even though the underlying economic situation has actually deteriorated in that time. Most clients will have recouped almost all of their losses on the year.
The 4th quarter fed off of the same stories that have shaped markets all year, namely the trade war, and geopolitical concerns. The good news is that many of these issues turned more positive in the 4th quarter.