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Quarterly Newsletter - Winter 2015

In the January editions of our quarterly Newsletters, we usually cast a backward glance at the preceding year’s stock market performance.  After a short-lived sell-off last spring, most global equity markets resumed their upward trend whilst largely ignoring a number of potential problems such as the Russian annexation of Crimea in the Ukraine, resulting sanctions against Russia, the ISIS situation in Iraq/Syria as well as the continued economic slowdown in China.  In addition, the oil price started falling dramatically, and other commodities did not fare much better.  It all made for a muted outlook for global growth. 

Nevertheless, the US market (as evidenced by the S&P 500) performed strongly ...