2016 was a remarkable year, both for political events and the way in which financial markets reacted to them. In the aftermath of Brexit, investors seized upon looser monetary policy and weak sterling as an opportunity to buy equities, focusing upon those companies able to benefit from a globally diversified revenue base. With Trump, they jumped upon the promise of fiscal easing, elevating stocks further in the run up to Christmas. Prices and fundamentals became disconnected, borne out by the difficult year endured by a number of high profile equity long/short managers. As history has taught us, the market only tends to permit such inefficiencies for so long.
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