As 2018 comes to an end, investors naturally begin to anticipate what the next year will bring, whether it’s progress on the trade discussions, the future of Brexit, or what will happen with the Federal Reserve (Fed) monetary policy. While it is important to think about the future, it is hard to predict or know with certainty how any individual calendar year will play out. Certainly 2018 proved to be full of surprises so far. The past, however, is accessible to us, and institutional investors typically spend ample time studying the past to help them make better decisions for the future. To that end, there are three important lessons we can learn from the past.

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