From a macroeconomic perspective, the year ended very unlike it began. Volatility returned with a vengeance, the price of oil dropped like a stone and took the Canadian dollar with it while interest rates stayed put at near zero.
Note: we mention these “events” because they weighed heavily on the minds of investors. But let’s face it, none of this stuff really matters when you know the value of the businesses you own…except for increased volatility, which we believe allowed us to build future wealth into our portfolios.