DM Monthly Newsletter – Nov 2016

U.S. ELECTION REVIEW – This is why we shun the forecast game that fuels the financial media and in which so many managers are willing to partake! If asked for predictions, we would have been 0 for 2 on the US election, never having fathomed a Donald Trump presidency and certainly not guessing that stocks would be up at the market’s open. In light of the unexpected landscape that greeted us this morning, here are some of the points that will inform our thinking going forward:

• Clearly, that market is placing significant weight on the “pro-growth” aspects of the president elect’s platform….
• Within DM portfolios, there isn’t  yet a stark delineation between “winning” and “losing” groups….
• Bond yields have risen….

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