We are cautiously optimistic that U.S. equities, and in particular dividend growth stocks with high free cash flow, can continue to move higher in 2020. In an economy with modest growth, low interest rates and above average valuations, returns will likely be driven by earnings growth. Recall from last quarter’s newsletter that we lowered our return expectations in September across stocks and bonds. We expect spikes in volatility through the year as investors assess the U.S. elections, trade negotiations and other geopolitical events. While developments in any macro category are nearly impossible to forecast, Shorepoint’s process remains thoughtful and flexible as we deal with the lowest interest rates and political conditions we have not seen in years.
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