Top Picks and Outlook for 2020

US stock market returns in 2019 were unexpectedly high despite an economic slowdown with the S&P 500 Index yielding a YTD total return of 29.85% as of December 17, 2019. Global stock markets also rallied with the MSCI World Index, MSCI EAFE Index, and MSCI Emerging Markets Index, all yielding YTD total returns of 26.00%, 22.22%, and 17.20%, respectively. Markets appear to be pricing in a resolution to the US-China trade war along with expectations of no recession in the foreseeable future. We use the cyclically adjusted price-earnings ratio (CAPE) as our primary valuation measure of the stock market where a high CAPE indicates stocks are expensive and vice versa. The S&P 500's CAPE currently

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Advisory Services offered through Blackridge Asset Management, LLC, a Registered Investment Adviser. Securities are offered through Peak Brokerage Services, LLC, Member FINRA/SIPC. Blackridge Asset Management, LLC and NR Capital Management, LLC are separate and independent entities from Peak Brokerage Services, LLC.

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