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America, First. 2018 has been another year of American exceptionalism in equity markets, with our enthusiasm tempered by the tech-dependence of equity returns, high valuations, fading stimulus and constitutional/tariff risks. For investors in US equities, markets have delivered positive returns while the rest of the world's returns are negative. However, US returns are running at a rate below the pace of earnings growth as P/E multiples decline. I think that's what we will see next year as well; see link below for more details. Other topics: Italy and "Europartenza", how the golden era for US commercial property is now gradually closing and Hydrocynus vittatus.