The S&P 500 returned just shy of 12% for 2016, a feat hardly conceivable in early February after the market had fallen over 11% on global growth and deflationary undertones. From this low point, the market staged a remarkable comeback in the face of several notable surprises, specifically Brexit and the election of Donald Trump as the 45th President of the United States. By their very nature, surprises defy consensus views which, in these cases, dismissed any substantial probability of these scenarios occurring. However, rising populism, essentially the mobilization of an alienated element of the population, characterized these election outcomes.
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