Return to Normalcy: Part 2

Dear Family, Friends and Clients,

Return to Normalcy: Part 2

Here is a quick summary of asset class returns in 2018;

US Large cap: Down

US Small Cap: Down

Foreign Developed: Down

Emerging Markets: Down

US Government Bonds: Down

Foreign Bonds: Down

Real Estate: Down

Global: Real Estate: Down

Commodities: Down

Bitcoin: Down

Gold: Down

Silver: Down

I do not believe we are entering a bear market, though it's difficult to defend the data above.

However, I believe the market is taking a much needed rest, in what will likely be a rally of 20-35% in 2019. We need to shake out the weak hands, who only bought because they liked Facebook, Amazon, Apple, Netflix and Google or those who are "blind" index investors.

A well diversified will always win the race.

Respectfully submitted,

Bill Ulivieri

Respectfully submitted,

Bill Ulivieri

Cenacle Capital Management is a State of Illinois registered investment advisor. IARD 130804

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