This is our last edition for 2016, and not a moment too soon. The past year has been a trying one for anyone in the markets. If it hadn’t been for the mini-recovery in resource stocks I may have been a broken man.I suppose if there is a lesson I’ve learnt in this horrible year, it is about keeping a longer-term perspective. Here, I am thinking back to the 2015 AGM of RECM & Calibre (RACP). After the proceedings a number of us pundits were trying to convince my wife to sell her RACP shares — mainly because most of us believed there were much more exciting investment opportunities than that investment company’s dull, deep-value pitch. Fortunately, my wife did not relent, and RACP has been the standout performer in her portfolio as the overlooked attributes of the company’s portfolio slowly came to the fore (thanks mainly to corporate action).Anyway, I am looking forward to 2017 with a good deal of trepidation. There are so many political outcomes that could unravel between now and the...

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