Pence Wealth Management publishes Pence Perspectives, our flagship research report covering the latest macroeconomic trends. In each issue, Pence Wealth Management professionals provide market commentary assessing key economic drivers, risks, and near to-midterm investment opportunities. Leverage the insights of our trusted advisors to navigate even the most challenging markets.
Pence Perspective | Q1. 2020 Executive Summary: 2019 was one of the greatest years for stocks. The S&P 500 was up 28.9% (or 31.5% including dividends), the second highest return since 1997 or fifth highest return since 1958. For 2020, we expect between high single-digit and low double-digit stock returns. We see fewer headwinds in 2020 compared to last year which may favor stocks over bonds. “Phase One” pact between the U.S. and China is done. Brexit is almost over. The global growth slowdown probably bottomed in 2019. The Fed is on hold, meaning we expect mortgage rates [...]