Q4 2016 Investment Review

David W. Lemons, CFA
Senior Managing Director, Portfolio Manager

“In order to make progress, one must leave the door to the unknown ajar.”
Richard Feynman 

As we reflect on the conclusion of 2016 and contemplate 2017, much seems to be poking its nose through the “unknown” doorway – to follow the thoughts of Richard Feynman, the theoretical physicist who was awarded the Nobel Prize in physics in 1965. First among several important events last quarter was, of course, the US Presidential election. Regardless of one’s politics, we believe it is appropriate to state the obvious; the election’s result was not widely expected. After the surprise result of the “Brexit” referendum in Britain last spring, US political pundits were, seemingly, extra vigilant to the shifting attitudes of the electorate – especially in the essential electoral college “swing” states. Nevertheless, this turn of events was a shocker… Read more >