Letter from the
Chairman & CEO
It doesn’t get much better than this past year. 2019 will be remembered as a year in which investors were amply rewarded for risks taken. Few can remember a year when pretty much everything worked and the positive momentum carried right through to year-end. Despite trade friction, political wrangling, Federal Reserve indecision, and another year of slow but steady economic growth, continuous pump priming and easy money conditions carried the day. Investors, whether in equities or fixed income, had another rewarding year with no end in sight to a bull market that is entering into its 12th year. Trees don’t grow to the sky, but it doesn’t feel like it’s over yet. Volatility connected to the coronavirus is a wake-up call as we move further into 2020.
When we began 2019, we were coming off a year of elevated market volatility and a 14 percent drop in the S&P 500 index in the fourth quarter of 2018. Right out of the gate, investors re-evaluated risk and despite rising interest rates early in the year, and driven by strong performance in the technology sector, the market produced a return by the S&P 500 of 29 percent, closely matched by the DJIA of 22 percent and Nasdaq of 35 percent. The markets chose to ignore the significant rancor out of Washington, the trade turmoil, and the continued violence emanating from disrupted societies around the world.
Entering 2020, new risks face the economy and the markets from trade disruptions and health risks coming from a frightening new virus, a national election, and a fully employed economy starved for workers that match the job opportunities available. Evolving technologies from Artificial Intelligence, the Internet of Things, and the race to introduce 5G will likely influence consumer behavior and economic performance in the immediate future and in the years ahead—as the role of workers continues to change, the pattern and means of consumption evolve, and we all move to plant-based foods. A warming planet seems to pose new threats to our way of life, but also presents opportunities, as increased awareness creates the will to nurture and support the creativity and disruption that will limit greenhouse emissions. The world remains a challenging place.
Company Financial Information
The Company’s financial information is available at www.oppenheimer.com/about-us/investor-relations. Our Annual Report on Form 10-K for the year-ended December 31, 2019 also serves as our 2019 Annual Report to Stockholders. To request a paper or email copy of our Annual Report on Form 10-K, without exhibits, at no charge, call (800) 221-5588, write to Oppenheimer Holdings Inc., Attention: Secretary, 85 Broad Street, 22nd Floor, New York, NY 10004, or email firstname.lastname@example.org. Exhibits will be provided upon request and payment of a reasonable fee.