The fourth quarter marked an overall positive period in the stock market. As equities stabilized in September after an August fall, October brought the best month for U.S. stocks in four years. During November, markets came around to the realization that an interest rate rise would be forthcoming. And stocks moved in tandem with oil as it touched multi-year lows after Saudi Arabia reinforced its determination to continue its current level of production, dragging OPEC along for the ride. For the year, equities were basically flat, not performing as anticipated. Market leadership was incredibly narrow, exemplified by the fact that the largest ten companies accounted for almost all of the positive return last year, concentrated in the Consumer Discretionary and Technology sectors. Several events stood in the way of better gains, some of which only impact the US economy to a limited degree. First, China’s deceleration was the biggest concern in 2015 and has impacted commodity and equity prices worldwide. However, their growth rate is only slowing, not collapsing. China is in the midst of shifting their economy from one driven principally by industry and manufacturing to one driven primarily by consumption. During such a massive transition, their economic potential will be scrutinized following each and every economic release. Second, the dollar strengthened against virtually every currency. While a positive reflection of strength, it negatively impacts our export activity as it makes our products more expensive in the global marketplace. We expect this pressure to abate as we get towards mid-year. Third, a global oversupply…