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An inverted yield curve. Fears of recession. Three rate cuts from the Federal Reserve. And a boatload of negative yielding debt. All remnants of a year to remember, when everything rallied and U.S. stocks notched one of their best in decades. To recount the highlights of 2019, Matthew Peron, chief investment officer for City National Rochdale, joins the "What Goes Up" podcast.

"We went from real pessimism and fear to now, ‘Oh, things are going to be okay for the foreseeable future,’’’ Peron says, noting we’ve seen a tale of two economies and equities driven by multiple expansion. Still the market is not crazy expensive, and low interest rates matter. Now his clients want in.

"You’ve seen a lot of people now more comfortable. A lot of cash on the sidelines and clients who have come and said, ‘Okay, I see now that this expansion still has some legs to it, maybe taking some more risk does make sense,’’’ Peron says. "With rates being lower it’s pressured a lot of people who have been in cash to say, ‘How do I put my cash to work? Don’t put me fully in equities, but put me into higher yielding securities.’’’

Running time 21:49

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