Fall 2019 Investment Report

While the changing leaves of autumn signal a transition from one season to the next, little has changed in the markets over the last two quarters. In Q3, global equity markets were volatile, but posted muted gains as financial markets dealt with a continuation of the same issues we saw in Q2: trade, tariffs, Brexit, and slower corporate and consumer spending worldwide.

Again, similar to Q2, this has led to even lower bond yields – pushing down the 10-year treasury yield to 1.65%. While lower interest rates have helped boost valuations for more stable businesses, we’ve seen a near-term rationalization in the prices of many recently IPO’d stocks such as Uber, Lyft, SmileDirectClub, and Peloton.

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