A walking contradiction, Kris Kristofferson once sang, is “partly truth and partly fiction.” Telling the difference between the two has proved key for investing success.
What do I mean? It was a year that saw recession fears alternate with hopes for stronger growth; where the Federal Reserve hiked interest rates to prevent overheating despite signs that economic growth is slowing; where investors prayed for a “dovish rate hike” despite the fact that the very concept borders on an oxymoron; where the market could still finish higher this year, but a majority of the stocks in the Standard & Poor’s 500 index are down.
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