The fourth quarter saw continued – even increased – volatility in the markets, as virtually every major asset class reversed course during the quarter and finished down on the year. All major U.S. equity indices declined more than 10% in the fourth quarter. The S&P 500 and NASDAQ finished the year down less than 5%, while companies listed on the New York Stock Exchange fared worse as a whole, down 11.2%. International equities, both in developed and emerging markets, also finished down on the year, 13.8% and 14.6% respectively… read more