2016 – A YEAR OF SURPRISES
Before we tackle the year ahead, we would like to take a moment to look back on yet another eventful year. As you may recall, the year began ominously for the markets with the worst five day start in history. Stocks remained under heavy pressure through mid-February with the broader market down 10% and oil prices falling to an unsustainable $26 per barrel. By late-March the turmoil had thankfully started to subside and equity prices clawed their way into positive territory for the year. After a fairly quiet spring, June brought the unprecedented UK Brexit vote to leave the European Union, stunning most investors and pundits with a 5% market decline in just two days. Perhaps equally astonishing, by mid-July stocks had shrugged off Brexit fears and pushed to all time record highs.
Click to read more: Quarterly Letter 4Q16