Listen to a replay of our fourth quarter 2019 Litman Gregory research team webinar. Topics covered (among others): investment challenges, municipal bonds, U.S. and European stock valuations, value vs. growth, and small vs. large.
What a difference a year makes. While in 2018, it was very difficult to make money in financial markets, in 2019, pretty much everything went up … a lot. In our year-end 2019 commentary, we identify the reasons to be cautiously optimistic in 2020, and the number of shorter-term risks to be aware of.
We get very poor expected returns for U.S. stocks even after making generous assumptions. While in the case of foreign stocks, we get returns much higher than for U.S. stocks even after significant haircuts to some key fundamental assumptions.
Listen to a replay of our first quarter 2019 Litman Gregory research call. Topics covered (among others): the equity rebound, conditions in Europe, floating-rate loans, managed futures, and emerging-market bonds. The presentation slides are available below.
Across the board, it was an extremely difficult year to make money in the financial markets, with almost every asset class and financial market down for the year. The contrast with 2017’s strong market results is also striking—and serves as a useful reminder of the unpredictability of markets.
Advisors are invited to hear the replay of Litman Gregory’s October 18 Research Call webinar. This quarter we discuss our equity market views, the value of alternative strategies, our response to Howard Marks’s recent memo, Oakmark and Cove Street funds.