2020 CAPITAL MARKETS FORECAST
Our 2020 Vision
Market Tug of War: The interplay of productivity, populism, and portfolios
INSIDE THE 2020 CAPITAL MARKETS FORECAST


With technological
advancements boosting
productivity across every sector and
industry, why is this
growth not reflected in the
economic data?

Technology has propelled
productivity but its gains in the jobs
market and income growth have been
uneven across the wealth spectrum,
leading to a revival of
political and economic populism

There are two sets of
dueling forces at play:
productivity vs. populism and monetary
policy vs. trade policy—and the way it shakes out will affect portfolios







 

Wilmington Trust's Chief Investment Officer Tony Roth and senior Wilmington Trust and M&T Bank leaders discuss the 2020 Capital Markets Forecast and economic outlook.


Wilmington Trust's Chief Investment Officer Tony Roth and senior Wilmington Trust and M&T Bank leaders discuss the 2020 Capital Markets Forecast and economic outlook.









 
Meet a Wilmington Trust investment professional
We're coming to a city near you. To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com





JANUARY
FEBRUARY
MARCH

JANUARY ▼
FEBRUARY
MARCH
SUNDAY
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY

 
 
 
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NY
NYC
 Tony Roth, Chief Investment Officer
 Luke Tilley, Chief Economist
 Meghan Shue, Senior Investment Strategist
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
9
MA, NY
Boston
 Luke Tilley, Chief Economist
Albany
 Tony Roth, Chief Investment Officer
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
10
11

12
13
14
15
NY
Binghamton
 Eric Taylor, National Investment Advisory Lead
 Meghan Shue, Senior Investment Strategist
Syracuse
 Eric Taylor, National Investment Advisory Lead
 Meghan Shue, Senior Investment Strategist
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
16
NY
Hudson Valley
 Eric Taylor, National Investment Advisory Lead
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
17
18

19
20
21
22
23
PA
Villanova
 Tony Roth, Chief Investment Officer
 Luke Tilley, Chief Economist
 Meghan Shue, Senior Investment Strategist
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
24
DE
Wilmington
 Tony Roth, Chief Investment Officer
 Luke Tilley, Chief Economist
 Meghan Shue, Senior Investment Strategist
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
25

26
27
28
29
NJ, DC
Southern New Jersey
 Tony Roth, Chief Investment Officer
 Luke Tilley, Chief Economist
 Meghan Shue, Senior Investment Strategist
DC/No VA
 Tony Roth, Chief Investment Officer
 Luke Tilley, Chief Economist
 Meghan Shue, Senior Investment Strategist
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
30
MD
Bethesda
 Tony Roth, Chief Investment Officer
 Luke Tilley, Chief Economist
 Meghan Shue, Senior Investment Strategist
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
31
MD
Baltimore
 Tony Roth, Chief Investment Officer
 Luke Tilley, Chief Economist
 Meghan Shue, Senior Investment Strategist
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
 

JANUARY
FEBRUARY ▼
MARCH
SUNDAY
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY

 
 
 
 
 
 
1

2
3
4
5
CA, NY
Los Angeles
 Tony Roth, Chief Investment Officer
Long Island
 Luke Tilley, Chief Economist
 Rhea Thomas, Economist
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
6
NY
Long Island
 Luke Tilley, Chief Economist
 Rhea Thomas, Economist
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
7
8

9
10
11
NY
Rochester
 Tony Roth, Chief Investment Officer
 Luke Tilley, Chief Economist
 Meghan Shue, Senior Investment Strategist
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
12
NY
Buffalo
 Tony Roth, Chief Investment Officer
 Luke Tilley, Chief Economist
 Meghan Shue, Senior Investment Strategist
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
13
14
15

16
17
18
19
PA
Harrisburg
 Tony Roth, Chief Investment Officer
 Matt Glaser, Head of Equities, Nontraditional Investments, and Manager Research
York
 Tony Roth, Chief Investment Officer
 Matt Glaser, Head of Equities, Nontraditional Investments, and Manager Research
To reserve a seat, email Courtney Sendek at csendek@wilmingtontrust.com
20
21
22

23
24
25
26
27
28
29

JANUARY
FEBRUARY
MARCH ▼
SUNDAY
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY

1
2
3
4
5
6
7

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9
10
11
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14

15
16
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Related Insights

Quarterly Call
Listen to the replay of the quarterly client call to hear our experts share their insights on markets, the economy, and tax reform.
Listen to the replay  

Wilmington Wire
Real-time blog posts on the latest financial happenings and the investment news of the day.
Read more  
Capital Perspectives
Monthly investment analysis and insight from Wilmington Trust Investment Advisors.
Read more  






In the news

CNBC
Chief Investment Officer: Watch for a rotation out of U.S. stocks next year

Visit website
Bloomberg
Stocks reach record highs as U.S. tax vote looms: markets wrap

Visit website
MarketWatch
Stocks close at records in broad tax-driven rally; Dow posts 70th record close of 2017

Visit website


Morningstar
Bank rally leads stocks to records on tax-plan optimism

Visit website

Fox Business News
Stock market hits records on tax-cut optimism; Nasdaq tops 7,000 for first time

Visit website

Washington Post
Finance 202: The GOP tax plan's lopsided numbers

Visit website




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Insights designed to help you succeed
Tony Roth Discusses the 2019 Outlook
December, 2018 | 3:14
Learn more about Tony Roth

Tony Roth is Chief Investment Officer for Wilmington Trust Investment Advisors. As head of its Investment Committee, he plays a key role in developing and delivering investment services to wealth, institutional, and brokerage clients. He also provides strategic direction for the firm's asset management investment activities, including asset allocation, manager research, and portfolio construction.

Prior to joining Wilmington Trust in 2014, Tony was Chief Investment Officer for Aquitaine Management and UBS Wealth Management Americas, respectively. Earlier in his career, he was founder and co-head of the Advisory Services Division at Bear, Stearns & Co. Inc., served as director of the Family Wealth Group at Sanford C. Bernstein & Co., and was a tax attorney at Cleary Gottlieb in New York.

Tony earned his law degree from Harvard Law School. He holds a master's degree in French and International Tax Law from Université Panthéon Sorbonne, and graduated magna cum laude from Brown University with a degree in Philosophy.

OUR PUBLICATIONS
WILMINGTON TRUST LOOKS FORWARD

Capital Markets
Forecast 2019


Capital Markets
Forecast 2016-2026

Taking our Capital Markets Forecast on the road
Meet our senior investment professionals and learn more about what 2019 has in store—but don’t wait to get started. Reach out to Wilmington Trust today at 866.627.7853 to take the first step in creating an integrated wealth management plan.


FEBRUARY
NEW YORK
Binghamton – February 5

 
Fishkill/Hudson Valley – February 6

 
Syracuse – February 6

 
Albany – February 7

 
New York City – February 14

PENNSYLVANIA
Williamsport – February 7

 
Lancaster – February 19

 
Wilkes-Barre – February 21

MARYLAND
Baltimore – February 12

WASHINGTON, DC
Washington, DC – February 12

NEW JERSEY
Orange – February 21

 
Tarrytown – February 27

 
Haddonfield – February 28

MARCH
CONNECTICUT
Greenwich – March 26

NEW YORK
Buffalo – March 13

PENNSYLVANIA
Lehigh – March 7



Related Insights

Quarterly Call
Listen to the replay of the quarterly client call to hear our experts share their insights on markets, the economy, and tax reform.




Wilmington Wire
Real-time blog posts on the latest financial happenings and the investment news of the day.
Read more  


Capital Perspectives
Monthly investment analysis and insight from Wilmington Trust Investment Advisors.
Read more  




In the news

CNBC
Chief Investment Officer: Watch for a rotation out of U.S. stocks next year

Visit website
Bloomberg
Stocks reach record highs as U.S. tax vote looms: markets wrap

Visit website
MarketWatch
Stocks close at records in broad tax-driven rally; Dow posts 70th record close of 2017

Visit website
Morningstar
Bank rally leads stocks to records on tax-plan optimism

Visit website

Fox Business News
Stock market hits records on tax-cut optimism; Nasdaq tops 7,000 for first time

Visit website

Washington Post
Finance 202: The GOP tax plan's lopsided numbers

Visit website






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Editor's Spotlight
A quarterly roundup of our top wealth management, investing, and planning articles.
Wealth Thought Leadership
The most up-to-date assessment of planning issues and trends, delivered periodically throughout the year.
Investment and economic publications
Analysis from our asset management team, including Capital Perspectives and Municipal Fixed Income Quarterly.



Sign up now
Stay on top of today’s latest issues by signing up to receive insights designed to help you succeed.





Editor's Spotlight
A quarterly roundup of our top wealth management, investing, and planning articles.

Wealth Thought Leadership
The most up-to-date assessment of planning issues and trends, delivered periodically throughout the year.

Investment and economic publications
Analysis from our asset management team, including Capital Perspectives and Municipal Fixed Income Quarterly.


M&T Bank and Wilmington Trust, in partnership with Foreign Affairs magazine, invite you to watch the replay of our special bipartisan panel discussion, featuring political luminaries. What's in store for the global economy? Will the resurgence of populism heighten geopolitical tensions? And what will it all mean from a macroeconomic and market perspective? Watch the conversation unfold among eminent journalist and policy expert special guests as they tackle these important issues.