MacNicol’s Quarterly Commentary- January 2020

One of the things that amazes me is the number of research houses and investment newsletters that publish their “year-end” investment reviews in early December. A lot can happen in a short period of time, so I wait until after New Year’s to begin writing my own year-end investment review to clients. 2018 was a perfect, albeit jarring, example of just how quickly markets can render the strategy of “Why don’t we just park a bunch of money into some random ETFs and hope for the best” obsolete pretty quickly. On December 3rd, 2018 the S&P500 closed at 2,790 points. On December 23rd, 2018 no more that 13 trading sessions later the S&P500 was at 2,416 points. In three weeks nearly 400 points was loped off one of the largest and most liquid stock indexes in the world. Had you invested in early December of 2018, and then pre-occupied yourself with Christmas shopping the rest of the month, you would have likely experienced some form of holiday nausea.


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The Quarterly Commentary January 2020