4Q 2016 Market Letter

Leicester City wins the Premier League, Britain heads for the exit, the Chicago Cubs break a 108-year curse, and Donald Trump wins the White House.

It pretty much goes without saying that 2016 was a lousy year for bookies. In similar – if less dramatic – fashion, last year wasn’t exactly a walk in the park for investors either, setting aside for a moment the closing numbers on the market indices – which were actually pretty good – and focusing instead on the palpable discomfort of being an investor in a time of extraordinary uncertainty.

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