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2015 Q3 - Investment Letter (Colgate)
The S&P 500 index declined by 6.44% in the third quarter, bringing its year-to-date return to -5.29%[1]. While this aggregate return is clearly not inspiring, some areas of the market have actually experienced much more precipitous (and perhaps permanent) losses over the last year than this small decline suggests. Most consequentially, the commodities supercycle, a …