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2015 Q4 - Investment Letter (Richemont)
The S&P 500 index finished 2015 on a strong note with a 7.04% gain in the fourth quarter.[1] This late surge enabled the index to eke out a positive 1.38% total return for the year, marking the seventh consecutive year of positive returns since the crash of 2008. The year 2016 may put an end …