QUOTE OF THE WEEK: A ‘Santa rally’ for investors looks increasingly unlikely. Wednesday’s US Fed interest rate decision is now critical. A .25% rise is expected and will increase our pain. No change &/or dovish commentary may be enough for Santa to appear: “If Santa fails to call, the bears will roam on Broad and Wall” old Wall St maxim CHART OF THE WEEK: With Trump’s tax cuts and the lowest interest rate regime since the Bronze Age, US companies took full advantage in 2018. Ytd stock buyback authorizations exceeded US$1trn, up 72% v 2017. That’s almost 25% higher than the prior record set ominously just before the GFC in 2007.