Investment Insights by Lockwood Advisors, Inc. - Q4:2016

Lockwood Advisors

01/18/2017

Summary of Investment Insights by Lockwood Advisors, Inc.

Fourth Quarter 2016

The major events of 2016 were driven by investor expectations and reactions to political and policy events. Normally, investors consider that political risk emanates from less mature institutions in emerging and frontier markets. In 2016, the risks came from surprises in developed markets. In 2017, we believe these risks are not likely to subside.

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