One might suggest any hesitancy to be exposed to investment risk at the end of the third quarter proved misplaced, as returns for Q4 2019 show green most places one looks. Then again, one might in response state that misplaced is a poor choice of words, with premature perhaps a better qualifier as relevant risks remain reasonably elevated as we head into 2020. Such is the natural push/pull of acknowledging the past and gauging proper expectations for the future. Our perspective? As always, there are reasons to be both cautious and optimistic. Depending, of course, on individual preference for each.