Jacques Berghmans' letter - 4th quarter 2019

2019 ended up being an excellent vintage year for the world financial markets. Most asset classes delivered positive returns with some, such as US equities performing very strongly. European-based investors who bought American stocks got an additional return boost from the Euro underperformance compared to the US-dollar. Even long maturity government bonds, which we think will eventually destroy significant value for the long-term investor, generated positive returns in 2019. For the typical Belgian ‘balanced’ investor, who owns an unhedged portfolio mixing large capitalization stocks with corporate and government bonds, the past year was an excellent one.

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