2016 was much like a play in three acts. Act 1 started with concerns over China and falling oil prices in January, concerns that eased during February and March. In Act 2 concerns about Brexit occupied center stage, with pre-vote complacency replaced by uncertainty about the long journey to negotiate the UK’s exit from the European Union. The divisive U.S. Presidential election dominated Act 3, and the year ended with a surprising, and perhaps unsustainable, stock rally driven by optimism about Donald Trump’s economic agenda.