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President-elect Donald Trump has said on social media at various times that his administration will focus "on three very important words: jobs, jobs, jobs!" (Dec. 13) and will "follow two simple rules: Buy American and hire American! #USA" (Dec. 29). What kind of economy will he be starting with in 2017? History can tell us a lot. –Emily Banks
The economy was stronger in 2016 than several previous election years. GDP is chugging along, and the jobless rate puts Trump in a better situation than five of the previous six presidents. Research suggests factors beyond the control of any U.S. president set the course of the economy. Yet with voters, Trump will secure much of the praise or blame when it comes to the impact of his agenda over the next four years.
The golden era of hedge funds draws to a close. This year marked the beginning of the end of hedge funds as we’ve known them. Their investors are joining a growing revolt, spurred by years in which fund managers grew rich while producing little in the way of returns.
Obama retaliated against Russia for cyberattacks aimed at interfering with the presidential campaign, imposing sanctions on top Russian intelligence officials and agencies and expelling 35 Russian operatives from the U.S. “All Americans should be alarmed by Russia’s actions,” Obama said in a statement.
Santiago, Chile, is pumping out some remarkable inventions. Hello World host Ashlee Vance traveled to the capital city to see the results of a local tech incubator. A startup called FreshWater has built a machine capable of sucking moisture out of the air, filtering the collected water, and dispensing it with the push of a button.
The year's top stock picker didn't follow the news. "He focused instead on finding small companies with enough underappreciated strengths to prosper no matter who's in the White House or managing economic and interest-rate policy," Matthew Winkler writes for Bloomberg View.
The global appetite for mega mergers may slow, amid the prospect of increased protectionism. Cross-border deals accounted for more than half of acquisitions larger than $25 billion announced this year, according to data compiled by Bloomberg. They also made up nearly half of the $3 trillion in total announced deals, the data show.
These are the best worst restaurant reviews of the past decade. Food editor Kate Krader compiled the top 10, annotated with updates from some of the critics who came out swinging. One particularly golden line from a review on the list: "like King Midas has suffered psoriasis over your dinner.”