While 2016 was generally a positive years for investors, politics and economics provided big surprises and highlighted how intertwined politics and economics have become. As we head into 2017, the macro picture of reasonable economic growth, falling unemployment and low inflation belies a more complex micro-picture where extreme policy measures have distorted not only the pricing and allocation of risk, but also the distribution of the ensuing gains. Accordingly, we start the year with a worrying misalignment between valuations and fundamentals. (VIEW LINK)
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