Welcome to the 32nd edition of Perspectives.

2019 will be remembered as one of the best years ever for investors with every major asset class in the black. Despite an early backdrop of heightened volatility, escalating trade tensions, Brexit uncertainty, and calls for a recession, the year progressed in an unexpectedly pleasant fashion as the Fed used its limited arsenal to provide additional stimulus.

In this publication, we first review the market action in 2019, “the year of buying everything”. We discuss in detail what we identified as the 10 most relevant financial market stories in 2019.

In the second part, we share our global investment outlook for 2020. On an aggregate basis, the context remains favorable to equities. We explain why investors should even consider tilting their portfolios towards more cyclical exposure. But while our base case scenario argues in favor of an overweight stance in risk assets, we also outline an alternative scenario which could trigger a major correction in stocks and credit. So while investors can be positioned for the best outcome, they also need to plan for the worst and prepare to be surprised.

In the final section, we review our 10 favorite themes for 2020 and also highlight five Mega Trends to watch in the long run.

We hope you will enjoy this issue.

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