F&P Quarterly – Christmas Greeting: 2016 – A Dramatic Year We All Will Remember

December 2016

2016 – A Dramatic Year We All Will Remember

In 1973, the Princeton economist Burton G. Malkiel claimed that asset prices exhibit a pattern resembling a random walk. They are basically unpredictable.

Imagine if we back in January had predicted the Brits voting to exit Europe, Trump beating Clinton to become the next president of the United States, and that the financial markets would ignore all of this. With those predictions, we would probably have been regarded as fools; or in hindsight, geniuses. Still, this is what happened in 2016, a year of significant events and increased political and financial uncertainty in the world.

Our part of the world, the Nordics, have so far been spared from the most dramatic events, but nevertheless it has also been a very special year with a significant corporate activity fuelled by low interest rates including a high number of IPOs, increased public M&A activity and increasing shareholder activism. We have also witnessed several high-profile CEO changes. All this has implied significant communication challenges for companies. We are proud to have been involved in a fair share of these situations in 2016 and look forward to an exciting 2017.

Fogel & Partners continue to support Stockholms Stadsmission in their efforts to help vulnerable people in the city and its suburbs. Our thoughts are with them, especially now when Christmas is approaching.

We wish you a joyful Christmas and a Happy New Year

The Fogel & Partners team