“The investor of today does not profit from yesterday’s growth.”
The Quarter in Review
Compared with previous quarters, the third quarter exhibited considerably more volatility with little appreciation. Most investment markets are showing signs of exhaustion due to continued uncertainty about trade wars, the negative interest rates in most developed countries, and deteriorating economic readings. Over this past quarter, we have seen companies reduce their outlook for growth and earnings, for obvious reasons.
The U.S. continues to be the only large house in the neighborhood not on fire. Both developed international and emerging markets have deteriorated since the end of the second