The Big 2019 Was Hardly All About Rate Cuts and Tariff Truce

Today is New Year's Eve, and barring a late-day collapse, the S&P 500 is on course to top 30% for the year and log its best calendar-year return since 2013. The MSCI World Index, meanwhile, looks set to notch its second-highest annual return of this bull market, trailing only 2009's initial surge. As is usual this time of year, the year-in-review retrospectives are rolling in, with most crediting Fed rate cuts and trade war U-turns for these gobsmacking returns. We don't think so. Please allow us to set the record straight.