As we move into the last quarter of the year, markets have resumed their rallies, responding to another round of lower rates and easy money around the world. U.S. equities, global stocks, bonds and gold, all moved up, adding to first half gains. Significantly, for most markets, the pace of gains was meaningfully slower; global markets in aggregate barely inched up. Markets are accustomed to, and demand, additional stimulus—and the central banks meekly comply—but it requires more and more stimulus for the markets to respond. But with rates already so low—and indeed negative in much of the world—there is limited room for additional stimulus on the rate front. As we discuss below, we are moving inexorably towards the next stages in easy money and the destruction of the value of the currency, with potentially dangerous consequences far beyond the economic. Finish reading here: Portfolio Review 2019 3Q