• Equity markets finished the year near all-time highs, notching four new highs in December.
  • The Santa Claus Rally delivered after all – but left many investors on the sidelines.
  • The Federal Reserve’s hawkish positioning at its mid-December meeting was consistent with what the markets have already been pricing in for some time now.
  • Earnings are what ultimately drive stock prices, and many investors are still underappreciating corporate America’s resiliency.
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