Happy Holidays… and Happy New Year! We have not written in several weeks as there has not been much to say. So lets talk about 2016: We are looking for single digit returns because of the S&P valuation. We just do not believe a 16-17 multiple is reasonable given higher interest rates and slow growth. We believe the International and emerging markets afford better opportunities. The 10yr bond will not enjoy the same returns going forward as in past years. A better place for lower volatility investors will be absolute return hedge fund of funds . The devil is in the detail for the stock pickers out there!