Dear Friends and Colleagues ... My Market Predictions for 2016

I hereby commence the first of what I hope will be an annual tradition ... providing my colleagues and friends with my market predictions for the upcoming year. Whether it be U.S. equities, foreign developed markets, emerging markets, or bond prices and yields, I hope you will find wisdom in these predictions.

So, here goes ...

1. The economy will be driven by a complex set of factors, including new economic developments as yet largely unforeseen, in the year ahead.

2. This, in turn, will affect the capital markets. As will the inevitable, yet often irrational collective reaction to economic events by hordes of market participants.

3. As a result, I predict that no one has any 2016 market predictions worthy of your attention.

I hope you feel illuminated. Thank you.