4Q 2018 Market Letter


It was not so very long ago that we had become accustomed to beginning our end-of-year commentary with a rousing declaration of “Good riddance!” to the year gone by; we doubt anyone will object too strongly if we revive this tradition – for only a limited engagement, we hope – in honor of 2018, a frustrating year of extreme highs and lows, much of which investors spent on their tippy-toes in a neck-deep sea of uncertainty and volatility as far as the eye could see.

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