Here’s a detailed study of 2018. https://pensionpartners.com/2018-the-year-in-charts/
“II. Bear Markets and Recessions
Does a 20% decline in stocks mean a recession is coming? That’s the question everyone seems to be asking today.
Looking back at history, the answer is far from clear. This is now the 21st Bear Market since 1929. Of the previous 20, only 11 were associated with a recession (55% of the time).”
“Only 3 country ETFs finished positive: Qatar, Saudi Arabia, and New Zealand. How many strategists had Qatar on their list of top picks for 2018?”
“XI. Happy New Year
In 2019, I predict one thing and one thing only: you will see many more surprises. That is the nature of markets.”