A year ago, we wrote that “the bull market in (nearly) all things is coming to an end. And so it has, with a vengeance, turning into a bear market in (nearly) all things. The year began with the threat of a tariff war, saw the Federal Reserve tightening all year, and ended with a government shutdown, all factors weighing on the market. Many of the erstwhile leaders—such as some of the FAANGs and bitcoin—have tumbled the most amidst the dramatic sell-off in the last few weeks, while some neglected sectors—such as gold and gold shares—have advanced the strongest against the oppressive tide of declining markets. We expect more discrimination in the year ahead, with gold and other laggards coming to the fore. Finish reading here: Portfolio Review 2018 4Q