|CRSP US Total Market Index||30.84%|
|FTSE All-World Ex-US Index||21.81%|
|BloomBarc US 5-10 Year Credit Index||13.90%|
The index returns above are a snapshot of the robust returns for financial assets in 2019. These returns were buoyed in the second half of the year with the reversal of two investment headwinds: interest rates and trade. The Federal Reserve lowered the Fed Funds rate by 0.75% while the U.S. and China made progress in their tenuous trade dispute. The gains in the equity market averages were accompanied by lackluster 3.5%* earnings growth. As a result, market valuations appear stretched. Entering 2020 the Case Shiller P/E ratio is 31.19, a level of valuation exceeded only in 1929 and 1999.