Dear friends of Arcus Capital Partners,
We hope this letter finds you well and that you had a great summer. The third quarter was packed full of market-moving headlines and saw volatility increase across all asset classes. Global equities were mixed with US large cap stocks moving higher but many other markets declining. Interest rates continued to fall due to the same catalysts as last quarter: slowing economic growth, additional easing from central banks, and anxieties related to the US-China trade war. Commodities declined but saw notable rallies within the precious metals group. Overall, investors seemed nervous as they attempted to make sense of the current backdrop. Nevertheless, the near-term outlook is improving as global data attempt to stabilize, central banks continue to provide monetary stimulus, and the lingering trade wars slowly de-escalate – all of which could create a promising fourth quarter.