Barry Schwartz, chief investment and portfolio manager at Baskin Wealth Management
Focus: North American large caps


As we march into 2020, it appears that investors are discounting all the negative headlines they worried about only a few months ago, and for good reason. If we can get a trade agreement between U.S. and China, animal spirits can take over and begin to drive business confidence higher. Central banks continue to be very accommodative and that is the best scenario for equity investors. No question, stocks are at all-time highs. But they should be when earnings are at record levels, unemployment is at near-record-low levels and interest rates are at science fiction lows. We see a major rebound in earnings growth in 2020, which should continue to drive North American stock prices higher. We see no reason to rebalance equities back to bonds in the current environment. We think investors should continue overweight high-quality, profitable companies and focus their attention on ones that win out in a low-interest rate world.