Investment Playbook - October 2019

The first sentence of our 2019 Mid-Year Outlook read “Congratulations, you just made it through another bear market! We think the cyclical bear is heading back to his cave and that the secular bull will soon resume its charge.” With the benefit of hindsight, our call appears to have been early and in this business early and wrong can be used interchangeably. It’s okay to be wrong but its not okay to stay wrong. Failure to change one’s outlook as the facts change is usually hazardous to one’s wealth. Therefore, our current market outlook is that the U.S. stock market is still in a cyclical bear market but we are cautiously optimistic that the worst of it is behind us. In order to confirm

© 2019 EMERALD ASSET MANAGEMENT, INC.

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