Let's take a look at the unexpected surge of Nov/Dec in the face of projected lower earning for the Dec quarter... The star was Microsoft, equally stellar were APPLE, LAM, AMD and KLA, not far behind was VISA, JP Morgan and GOLDMAN. These few names and a handfull on others are what brought the DOW, NDAQ and the S&P to the stars, the rally was not broad and volumes also were low.
With the strong year-end performance, not many are making a correction call, equally not many are predicting new highs for 2020. My own view is that Jan to March will see high volatility, particularly Jan could see a correction exceeding 10%. I pay attention to the Russell 2000 as I consider this index representing the broader US economy, the Russell did not make new highs confirming what was said above i.e. the 2019 rally was driven by handfull of high-flyers, not by the broader market which is what reflects the health of the economy.
Just for reference, this is what Bezos invested in 2019, his choice made him the ex-richest man.
In contrast, Bill Gates invested in the following which increased his wealth by $22.5b retaking the top title.
Berkshire Hathaway (NYSE:BRK.B)
Waste Management Inc (NYSE:WM)
Canadian National Railway (NYSE:CNI/TSE:CNR)
Caterpillar (NYSE:CAT)
Wal-Mart (NYSE:WMT)
Ecolab (NYSE:ECL)
Crown Castle International (NYSE:CCI)
UPS (NYSE:UPS)
FedEx (NYSE:FDX)
Coca-Cola Femsa (NYSE:KOF)
Happy New Year and wishing all a prosperous 2020.
![[IMG]](/proxy.php?image=https%3A%2F%2Fdpsi7pmz5b6vt.cloudfront.net%2Fuploads%2Fmedia%2F17821%2FBezos_Key_investments.png&hash=e5dbd205bd53bb332f3e0f30f2688844 "[IMG]")
