Global stocks have done worse than US equities

"Markets will fluctuate."
- John Pierpont Morgan

This is the last time we will write to you in 2018. The year was interesting, to say the least. We had trade wars, bear markets, bull markets, a Fed tightening, and loads of entertainment out of Washington. From an asset market perspective, cash was king as most asset classes demonstrated weak returns for the year. Stocks started off the year great, climbing in January before correcting more than -10%, and bottoming in the early spring. US stocks then rallied into their September peak, leaving global stocks in the dust as they failed to recover. Since the end of September, stocks have been hit hard. The Wilshire total market index is down over -15% for the quarter and almost - 8% for the year.

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Global stocks have done worse than US equities. The MSCI All Country World Ex US index is down over -15% for the year. Bitcoin has been the mother of all bear markets, declining more than 70% this year.

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