Jacques Berghmans' letter - 4th quarter 2018

2018 ended up being a difficult year for world stock markets with virtually every major markets down double digits this year. The problems started in emerging markets where the threat of trade wars and a slowdown in the Chinese economy created some negative pressure. Over the last few weeks, cracks also appeared in the US market due to increasing fears of an economic recession in the United States. World equities are affected by crisis but also simply by the fear of the next crisis as equity investors always try to second-guess the next 24 months of economic performance.

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4Q18 Manager's Letter JB.pdf

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