"An economist is a surgeon with an excellent scalpel and a rough-edged lancet, who operates beautifully on the dead and tortures the living."
- Nicolas Chamfort (1741-1794)
FOR all that happened in 2015, one has to wonder if it will be lost in the textbooks as a pretty uneventful year. Sure, it was the year of Ukraine, the Volkswagen scandal, "unicorns", ISIS, China's slowdown, Fed "liftoff" and another chapter in the Greece drama, but what really changed? We believe US and world stock markets will open 2016 within a few percentage points of where they opened in 2015.
Valuations, as measured by P/E ratios, have moved very little. In the bond market, 10-year yields in both the US and Germany are...
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