While we have been more positive than most about equities, we did not expect November to be as strong as it was. For the month, the MSCI All Country World returned 2% and was led higher by the S&P 500, which appreciated 3.1%; Japan, which added 1.4%; and Emerging Markets, which were up 0.2%. . Europe was down 2.1% during November. Last month, we wrote about the “Swan Market,” which was characterized by what we called “corrections taking place under the surface.” Interestingly, during November, equity markets experienced another underthe- surface correction. The Transportation Index dropped 6%, the Russell 2000 (small caps) and the Financials both fell 4% while the S&P only went down 1.5%.