December capped off a phenomenal year for risk assets and reflects a continuing expectation of easy money, low but positive growth, long-term low interest rates, and major hurdles to achieving material reflation. Soft data concerns are being met with hard data progress on jobs, wages, and spending, now reaching to the lowest levels of the workforce. As a result, we’ve seen a homogeneity of exceptional returns across assets, especially after adjusting for relative risk. Buckle up and enjoy the ride!