No Surprise, Timing is Everything
January 10, 2017
David Barnard, Head of Bernstein Private Wealth Management, reviews a year of seismic shifts in the political landscape and repeated reversals of market directions, in “No Surprise, Timing Is Everything,”. The letter also notes that while investors in diversified investment allocations are understandably frustrated by modest returns over the last two years, the fact is that over the last five they did as well or better than what our Capital Markets Engine predicted at the beginning of 2012. And while our expectations for stock and bond returns are lower going forward, we’re confident in how the combination of our advice and more normal market conditions will allow us to add significant value at a time when our clients need it most.