Tom Lee of Fundstrat Global Advisors told CNBC last month that 2015 was “the worst year for active managers since 1999” because many underperformed their benchmark. He suggested that although there is a problematic feedback loop among high-yield bonds, energy markets, and the dollar, a lot of those issues may now be priced in because they are widely recognized. Turning to the year ahead, he said “you never have two flat years in a row, and markets on average rise 11%  following a flat year, even if it’s a recession, so I think it’s a double digit year” in 2016.