'Twas the week before Christmas...

‘Twas the week before Christmas
And never you fear
We’ll again provide readers
With a review of the year

Currency, oh, currency,
The Swiss shocked us, it’s true
Franc’s affair with the Euro
Is over, it’s through!

And Greek drama continued
Creditor confidence not rising
A third time they default?
It’s still not surprising

Yet the Greeks voted “No!”
To the offer presented
But down to the wire
They took the deal and relented

And China began
To falter in May
Early gains, they reversed
To investor dismay

Then, in mid-August
China devalued the yuan
Making everyone wonder:
What’s going on?

Can China still grow?
We started to doubt
They told major shareholders
Sorry – no getting out

Still, while we acknowledge
China’s problems and vices
Much of this turmoil
Was captured in prices

And in Canada the impact
Of oil price decline
Meant a swift end
To the TSX climb

Emerging Markets faced headwinds
A high U.S. dollar their bane
Will 2016 prove better?
Or is it more of the same?

And far from complacent
Were the monetary authorities
Forty-three saw fit
To make easing priorities

Would the Fed raise rates?
First yes and then no
Investors on edge
Anticipation did grow

And now it’s December
And the world lies in wait
The markets anticipating
A raised interest rate

She did it! Oh my!
Yellen made the decision
But will this new rate hike
Cause world markets derision?

Looking back on the year
Most events weren’t that sunny
And that’s why we stick to:
Be Boring. Make Money.

Happy Holidays from everyone at Mawer Investment Management Ltd.!