Fund managers are avoiding stocks in consumer companies in the face of lofty valuations and concerns about declining earnings estimates. While unemployment is low and wages are rising, a U.S.-China trade war has worried investors. (Globe and Mail)

Talking point: The concerns echo those of Canadian venture capitalists. The Logic interviewed 13 leading Canadian venture capitalists about their expectations for 2019, and many were watching how U.S.-China trade tensions would impact public markets, potentially triggering a global economic slowdown. While the investors indicated that strong Canadian startups would still secure funding, many were cautious about investing in the face of high valuations.