Dear friends of Arcus Capital Partners,
We hope this letter finds you well and that you had a wonderful holiday season. In this note, we review what transpired in 2018, discuss the current macro landscape, and present our outlook for 2019. The final months of the year were painful for investors, fear took hold, and the global financial markets were sent into a bit of a tailspin. Global equities declined precipitously with some indexes reaching bear market territory (decline of >20%). Interest rates retreated from their recent highs as growth expectations were tempered and the market priced in fewer Federal Reserve interest rate hikes. Finally, economically sensitive commodities such as crude oil and copper fell, while safe-havens such as gold and silver rallied. Overall, 2018 turned out to be much different than most experts forecasted and has most certainly set the stage for an interesting year ahead.