Vestor Capital Quarterly Commentary
January 4, 2019
Major world equity indexes were down across the board in 2018. After reporting strong returns through September, U.S. markets followed international markets lower in the fourth quarter, resulting in moderate losses across all major U.S. indexes for the year. Developed international and emerging markets continued their slide in the fourth quarter, and performed worse than the U.S. for the year.
We believe weak International returns are due largely to slowing economic growth in many economies outside the U.S., and falling commodity prices have been an additional headwind. U.S. market weakness is more difficult to discern given the strength of the economy. We believe investors are growing more concerned that the current international economic slowdown will eventually wash upon our shores.
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