Last month closed out a year that saw stocks and bonds rising in tandem. This is the first time since 1998 that both asset classes increased by such levels. This phenomenon was largely due to an accommodating monetary policy and an improving economic outlook combined with rising fear of trade conflicts and geopolitical tensions. The end of the year brought some optimism to the latter as the U.S. and China signaled a preliminary deal is close at hand and Brexit appears set for the end of January. U.S.

“Keep cool; do not freeze.”  Printed on the top of the old metal lids of Hellman’s mayonnaise.

A client of mine for over twenty years shared this anecdote about Hellman’s mayonnaise with me in 1999 and I’ve never forgotten it. He picked it up from his boss at Exxon who would quote it to young managers who were rising up the corporate ladder, and now to me, it seems to perfectly capture my view on the market.