Key Observations
•   Heading into 2020, several asset classes hit new all-time highs with valuations approaching similarly full levels.
•   Can trade wars, or even war finally derail markets moving higher, will a contentious election prove impactful in the U.S.? Does the Fed’s more accommodative reversal in 2019 mean we’re back to the races?
•   In the following sections, we break down the primary drivers to asset prices, discuss our updated outlook for long-term returns and pull out key themes investors should consider in 2020.