December 24, 2018   Dear Investor,   It’s not quite the end of the quarter, but given the recent month of carnage, I decided to send this update now. After the worst December in stocks since the Great Depression, the S&P 500 is down 18% from its highs of late September. The media won’t call it a bear market until the losses reach 20%, but there’s no question we are already in one.   Over the past three months, emerging market...