Q4 2016 letter

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Dear Friends, We hope you have had a good start to the New Year and wish you the best for 2017. As always, in our first letter of the year we have attached... READ MORE

2017 Themes: The Doldrums

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Fed stays the course: We expect the Federal Reserve will continue to raise rates as stated. We expect the Fed-Funds rate to rise above 1.5% over the course of 2017. Equities Caution: We... READ MORE