2015 was a year where asset allocation came up empty. Generally speaking, if we spread our clients' money across multiple assets classes, some will do better than others, generating positive returns no matter what. This year, no asset class seemed to work. At New Year's Eve close, US stocks defined by the S&P 500 gained just 1.38%. Our January 1st forecast was 2%, revised to 6% in July. Earlier this week, it seemed we'd split the difference, but stocks slid 2% in the last two trading days of the year. So much for the Santa Claus rally!