As the secular bull market in long term treasury bonds approaches its 40th year, the consensus around falling interest rates has morphed from a shared opinion to an accepted reality. Reputations and fortunes have been made and lost by adherents and skeptics respectively.
During the second half of 2019, the late cycle bull market for financial risk assets sprinted to the finish line despite lackluster global growth. Global markets ended the year on a bullish note, with the U.S. S&P 500 climbing to another record close.
The US equity markets exhibit observable biases over time, alternately favoring one group of stocks over others: large cap vs. small cap; value vs. growth; defensive vs. dynamic; sector rotation, etc. We questioned whether there was a longer term benefit to favoring one group of stocks over the others.
China has a long history of pioneering revolutionary change in payments. Coins dating from at least 700 BC have now been found in China, making it the first place in the world (that we know of) to issue coins.