EFTA Document EFTA01377060

CIO Insights August 2016 Lotter to investors 3 LETTER TO INVESTORS Binary vs. broad-path thinking Events over the last few months have reminded us that the world does not always run according to the consensus. Political, social or economic developments can demand a change in overall direction. Sector-specific problems may require a policy response. So we have to continue to look for future "inflection points" which could profoundly change the investment environment. It is possible to i