Credit Cover Photo. Joseph Chan – Unsplash.com
As we predicted, 2018 was a year of turning points : turning points in inflation, monetary policies and equity markets.
We were amongst the few to predict the end of the secular bull market in US equities and 2018 ended-up being the worst year in equities since the 2008 financial crisis.
Equity markets lost -10 % on average while Asian equities and Emerging Markets lost -15 %. Chinese equities were by far the worst performers losing – 25 %.