A Year-End Synopsis Liquid Investments Liquid equity markets (e.g., stocks) have a nasty habit of lulling investors to sleep, only to shock them awake in the middle of the night. Case in point, when the post-financial crisis bull market crossed over into the longest in history back in August 2018, investor sentiment ran high as billions continued to flow into equities in spite several metrics suggesting stocks were historically expensive. At that inflection point, we at Ato