, Columnist
Happy New Year for Markets in 2020? History Argues Against It
Based on the limited but telling data points of the past, caution is in order for risk assets as a new decade dawns.
The path to further gains in risk assets this year looks to be a very narrow one.
Photographer: Patrick Pleul/picture alliance via Getty Images
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Modern securities markets are not old, at least in a form that we recognize today. That creates a conundrum. We all of us try to learn from experience, but when it comes to investing in stocks and bonds, there isn’t much relevant experience to draw on.