As we head into the final quarter of 2019, we do so with some concern about recent fiscal and monetary policies being employed in the U.S. We discuss the potential pitfalls of Modern Monetary Theory in our Third Quarter Commentary that accompanies this letter.

The first half of the year saw strong market performance across all asset classes as client multi-asset portfolios have enjoyed positive returns.

Global equity markets made a V-shaped rebound, rallying throughout the first quarter as all asset classes earned positive first quarter returns (see quarterly market review).