2019 is close to 1/3rd complete and the equity markets seem to be at an interesting juncture. The swift and brutal selloff in Q4-2018 caught most investors by surprise, ourselves included. We were concerned about a correction, but not a wicked and brutal selloff. We can make some judgments about the economic implications of GDP growth, tax, regulatory and monetary policy, but it is important to remember that one's judgment is an expectation. What we find very difficult is to estimate how the investment community will react.
