‘Twas the market before Christmas, when all through the day

Money was flowing in every which way.

Stocks were falling with much fanfare,

In hopes that the Fed would soon care.

Trump nested down in his White House bed,

With dreams of a wall dancing in his head.

May with her Brexit deal and the EU not sure,

Just can’t seem to agree on anything quite pure.

When out of the blue, Trump tweets about tariffs on trade,

Xi sprang up and declared no real deal will be made.

Away from crude the market did rush in a flash,

On fears of a large and growing supply stash.

When we see 2 year — 10 year yields come together,

Gives us the warning that there may be a recession to weather.

When ironically what seems to appear,

Is the best returns for investors is cash for the 2018 year.

With volatility doing a major uptick,

One knows in a moment risk has come back real quick.

Very rapid this came, and we can call them by name:

Now Trump, now May, now Powell, now Xi.

On tariffs, on Brexit, on rates, on all for me.

To protectionism, to nationalism tall,

Populism is surging among one and all.

A market retreat and much better valuation.

Gives me some solace and less consternation.

In fact, it’s time to get to work,

And fill one’s stocking with deals that lurk.

Putting aside all the market’s woes,

Main street and the economy much rose.

Cryptocurrencies, which once were a bubble surprise,

May have finally met their ultimate demise.

So, let’s stop this horrible poem right,

And wish everyone a Merry Christmas and a good night.

• Nathan Kowalski CPA, CA, CFA, CIM is the Chief Financial Officer of Anchor Investment Management Ltd. and can be contacted at nkowalski@anchor.bm Disclaimer: The sole responsibility for the content of this article, lies with the author. It does not necessarily reflect the opinion, policy or position of Anchor Investment Management Ltd. The content of this article is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy or for any other purpose. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by the author to be reliable. They are not necessarily all-inclusive, are not guaranteed as to accuracy and are current only at the time written. Past performance is no guarantee of future results. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. Investment involves risks. Readers should consult their professional financial advisers prior to any investment decision. The author may own securities discussed in this article. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. The author respects the intellectual property rights of others. Trade mark or copyright claims should be directed to the author by e-mail.