By Scott Ronalds

It’s been another year of troubling economic headlines, slow growth and political stalemate. Yet, unless Santa gets run over by a reindeer, many global stock markets will finish the year with nice gains. Even the bond market, with its naughty yields, has gained ground in 2012.

As the year comes to a close, we’re gratified with the strides we’ve made and the returns our clients have achieved. It’s been a productive year around the shop. In this year’s Holiday Letter, we reflect back on some of the highlights.

Happy Holidays!