“The art of simplicity is a puzzle of complexity.”
—Douglas Horton
The Quarter in Review
The fourth quarter ended in rough shape with major equity markets around the globe experiencing one of the worst ends to a calendar year. Equity markets peaked in September when many hoped the U.S. growth engine would be able to lessen the pain from international uncertainty. Unfortunately, that did not last as trade concerns grew and international economic reading deteriorated. U.S. growth companies were particularly hit hard. With their high exposure to international markets and being some of the biggest beneficiaries of global trade, market participants decided that