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’Twas the market before Christmas

'Twas the market before Christmas and all through Wall Street,

Investors were cheering as returns have been sweet!

Brexit was avoided with great fanfare,

But nothing is final, so take care and beware.

Trump lies snuggled in his bed,

While dreams of impeachment dance in Pelosi's head.

When out of the blue a trade deal gets done,

This propelled equities on a great run.

Populism rose with a considerable clatter,

Proving to everyone that issues of inequality do matter.

Climate change was in focus, this much is clear,

Thanks to Greta Thunberg, Time Magazine's person of the year.

The yield curve inversion gave everyone a recession fright,

The Fed cut rates three times to put up a fight.

When what to my wondering research did appear,

But fake meat's stellar performance this year.

Venture capital money was spent faster and faster,

But WeWork ended up being a total disaster.

The IPO market brought about great shame,

Not reindeer but failed unicorns, let's call them by name,

Now SmileDirect, now Slack, now Uber, and now Lyft,

On valuations, on losses, on scandal, all whiffed.

Google and Facebook have antitrust issues,

Remember to look out for North Korean missiles.

Hong Kong protests and wildfires abound,

Show risks to the environment and democracy around.

As for cannabis stocks, the rally abruptly froze,

Cash went up in smoke, through the chimney it rose.

Boeing planes are grounded and not ready to fly,

The FAA wants answers to let them take to the sky.

Negative yield bonds, it just doesn't make sense,

Lend out a dollar and get back 98 cents.

So, let's end this horrible poem right,

And wish everyone a Merry Christmas and a good night.

Nathan Kowalski CPA, CA, CFA, CIM, FCSI is the chief financial officer of Anchor Investment Management Ltd and can be contacted at nkowalski@anchor.bm. Disclaimer: The sole responsibility for the content of this article, lies with the author. It does not necessarily reflect the opinion, policy or position of Anchor Investment Management Ltd. The content of this article is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy or for any other purpose. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by the author to be reliable. They are not necessarily all-inclusive, are not guaranteed as to the accuracy and are current only at the time written. Past performance is no guarantee of future results. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. Investment involves risks. Readers should consult their professional financial advisers prior to any investment decision. The author may own securities discussed in this article. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. The author respects the intellectual property rights of others. Trademark or copyright claims should be directed to the author by e-mail

Festive ending: Nathan Kowalski rounds off the year with a poetic look at the markets

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Published December 23, 2019 at 8:00 am (Updated December 22, 2019 at 11:18 pm)

’Twas the market before Christmas

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