What a difference a year makes! We saw quite a turnaround story in 2019 compared with 2018. Despite escalating trade tensions between the United States and China, Brexit uncertainty, and a slowdown in the global economy, the year progressed in an unexpectedly pleasant fashion. In the second half of the year, global markets soaked up additional stimulus from global central banks and a first phase deal between the United States and China to extend the longest bull market in history. By the end of the year, every major asset class was materially positive.