As any trading year comes to an end, we like to reflect on what we got right, we got wrong and what caught us by surprise. We thought for most of the year that equity market prices would selloff, particularly small-cap stocks and the large-cap high PE tech names. We recommended investors remain vigilant and cautious and that they should consider some hedges to take the sting of any selloff that might show up. We were a bit early on this call, but we eventually got it right. What we did not see coming was the viciousness of the selloff in the price of oil.
