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2016 Q4 - Investment Letter (Narrative Fallacy)
To the surprise of most market prognosticators, who predicted major declines in a Trump win, the S&P 500 continued its upward march with a 3.82% gain during the fourth quarter.[1] Recognizing the deep complexity of geopolitical, economic, and market forces, we remained agnostic about election-driven market movements. Instead, we focused, as always, on deep fundamental …
