The markets began the year anticipating uncertainty falling in the UK and Asia, thanks to Brexit and trade talks finally making progress, with the anticipated rise in uncertainty being focused around US politics and domestic policy reactions in an Election year.

If 2018 was ‘the year when nothing seemed to work’ in Equity markets, then 2019 was the year when everything seemed to, with many indices closing at all time highs and the villains of 2018 becoming the heroes of 2019.

Looking into the next decade we see some short term uncertainties, some near term risks and some long term trends.

November saw a lot of book squaring which created some aggressive sideways trading before both bonds and equities resumed their bull trends.

The search for yield is not a new phenomenon, even if it has intensified under QE.