Investment Perspectives 4Q December 2018

Recently, the market downturn has dominated headlines in the financial press. While selloffs are to be expected in the equity markets, that doesn’t make them any less unsettling when they occur. This year, the market has experienced two 10% declines, the most recent of which began in late September. However, we have been witnessing a rolling bear market for much of the 2018. Over 60% of the 500 names in the S&P 500 Index have experienced declines of 20% or more from their 2018 highs at some point during the year. Many Metals & Mining, Construction, Industrial, Semiconductor, and Oil Service stocks have fallen over 25% from their 52-week highs.