"The true investor welcomes volatility."
– Warren Buffett

The Through Line: With the inauguration of America’s 47th president less than two weeks away and a newly seated Republican congressional majority intent upon providing him quick action on campaign promises, markets have already reacted to an excess of near-term headlines. It is premature for investors to respond to the noise; the coming weeks will provide ample time to explore the potential long-range impacts as issues like tariffs, taxes, immigration, energy policy and regulatory relief move closer to implementation. In the meantime, we suggest investors focus on the solid underpinnings already in place, which have the potential to tee up another year of economic and market gains.

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