
Looking back, gazing forward
Danton Goei, the 20-year veteran of Davis Advisors and Portfolio Manager of the PAN-Tribal Global Equity Fund, recently visited Australia. We asked him to share his insights about what happened to global markets in 2018 and why he has a positive view about 2019.
Q: Most investors and advisers are probably thinking – “what the hell happened to markets in 2018?”
A: Well, 2018 was certainly a year of surprises for the market. It was very much a year of two halves; the second half saw a sharp divergence between the performance of the stocks we own and the fundamental results of those underlying businesses.
The market for the calendar year was only down 4% when you factor in dividends, yet from peak to trough, it delivered negative 19%. To top it off, more than 9% of that loss occurred in a single month, December. It was in fact, the worst December in 70 years.
To read the article, published on AdviserVoice, click here.