My end of year thoughts are quite short. One reason is that by the nature of my involvement in the markets my thinking does not change suddenly at the end of a calendar year, but evolves slowly as time goes by (so you have already heard most of what I think already). A second reason is that I have long eschewed making predictions for the year ahead, since most such exercises often turn out to be worse than unhelpful, as a 12 month time frame is essentially both unpredictable and arbitrary. Most investors sensibly have a longer time horizon and while it makes sense to review your portfolio at r...