Stocks and bonds in the US, and in many other developed markets and emerging markets, generated strong returns in 2019. Global equities were up more than 25%, and fixed income added more than 8%. For some, this performance is tinged with worry. After all, the US bull market is a decade old, and current headlines hint at all kinds of potential catastrophes ahead. Globalization backlash, Brexit uncertainty, bitterly divisive politics, rising inequality and climate change, to name a few. But don’t let worry derail your investment strategy. It’s impossible to predict the future of the markets with certainty. Who can say what this year will bring, much less the next decade? The only certainty is that the future will be filled with surprises. This month we’ll consider the lessons of the past decade, and how they might guide us now. First, a review of fourth quarter results