Greetings from Tufton Capital, where the tinsel has been packed away, the winter weather has formally arrived, and your team of investment professionals has been busy closing the books on yet another banner year.

Of course, for many investors, “banner” may not be the first word that comes to mind at the mention of 2016. Faced with one of the most turbulent years in recent memory, an unfortunate number of market participants spent the last twelve months swinging from one bout of paralysis to the next. After all, in between British referendums, American elections, and all the other stories that kept us on our toes, how could one have possibly anticipated what tomorrow had in store?

Put simply, one could not. And regardless of what the market’s soothsayers would have you believe, that will remain the case in 2017. Perhaps, as some news outlets are quick to suggest, the broader economy will thrive under the coming administration, buoyed by the message that America is now “open for business.” Or perhaps, as other outlets have asserted—with equal volume and vigor—our new president will prove uniquely problematic, unduly influencing the market one late-night “tweet” at a time.

Short of procuring a crystal ball (which I imagine was on many a wish list this holiday season), your team here at Tufton Capital has no way of knowing which of these scenarios is more likely to unfold. But here’s what we do know: in a year marked by extraordinary surprises, this firm’s diligent, value-based investment approach comfortably outperformed both our benchmarks and the market at large. At the risk of seeming boastful, that’s no surprise to us.

Since our founding in 1995, it has been our firm’s guiding belief that a good business, bought at a fair price, is among the most powerful wealth-creation vehicles in the world. Reflecting back on 2016, I’m pleased to report that this belief continues to keep you, our valued client, in good stead. As we enter into our second year under the Tufton Capital name, we look forward to providing you with the level of service, insight, and performance you’ve come to expect—no matter what comes around the bend. From all of us at Tufton Capital, here’s to a Happy New Year for you and yours, and to our achievement of even greater success, together, in the year ahead.

Chad Meyer, CFA

President