Value Architects Q4 2016 Macro Commentary

“There is no-one on the world stage who can compete with me.” -Silvio Berlusconi

“I don’t need to go into office for the power. I have houses all over the world, stupendous boats… beautiful airplanes, a beautiful wife, a beautiful family… I am making a sacrifice.” -Silvio Berlusconi

“Vladimir (Putin) is the exact opposite of the image portrayed of him in the western media. He is a really sensitive person, a man of profound feelings, always respectful of others. He is very gentle, a man with a delicate sensibility.” -Silvio Berlusconi

Last quarter, we had expressed some relief the election campaign was just about ending:
“Aren’t you glad it’s almost over? This election season has left all of us a little worse for the wear, suffering daily trauma just by being engaged. Someone described it as ‘like being banged around like tennis shoes in the dryer.’”

Now that the inauguration has taken place, divisions in the country are manifest and many Americans feel agitated and irritated because of a surprising, if not shocking election and the massive changes in governmental philosophy that lies ahead.

Value Architects Q4 2016 Macro Commentary