2. Elsewhere, Australia recently introduced reforms that have increased transparency around fund pricing, which has driven rapid growth in ETFs.
4. The S&P 500’s total return of 14% this year was 40% higher than its 25-year average annual gain. Wall Street’s chief strategists spent much of the last 12 months revising their targets higher from behind. The index printed over 50 all-time record closes, with nearly all investment management professionals racing to at least pull even. A few characteristics made the U.S. stock market particularly difficult to keep up with this year.
5. Other Chinese companies that filed a large number of patents included ZTE, Alibaba, Xiaomi, BYD and Haier, all of which are rapidly expanding into Europe.