Volatile markets. Geopolitical tensions. Political unrest. Trade squabbles. Tit-for-tat tariff wars. Being an investor in 2018 is not for the faint of heart. As battle-weary endowments and foundations brace for the next torrent of market-shaking events, this paper serves as a reminder that uncertainties can create opportunities, and volatility can fuel attractive valuations. We take this opportunity to review the events that have shaped the investment landscape this year and the viewpoints of endowments and foundations. We also foreshadow the trends likely to affect the US and global economies in the months to come.

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