Another year, another fruitcake article.

This one from last Thursday’s WSJ. Long-distance hikers are the latest consumer market niche to fall for the oft-abused holiday fare. “Better than energy bars,” one new fan enthused. “We’re just burned out on gorp,” explained another.

No less a personage than Appalachian trail guru, Edward Garvey, gave the fruit-and-nut treat a thumbs up. We’re sure he spoke for us all when he wrote: “This fruitcake is easy to pack, keeps well, and is delicious to eat. What more could one ask?”

As we returned refreshed to civilization after the break, our thoughts returned again to adventures of a less outdoorsy sort; notably, the 2018 outlook for the capital markets.

In a coming piece for the LSTA reviewing the year just past in the middle market, and looking to the year ahead, we address five broad themes – all of which should be quite familiar to Lead Left readers.

First is the issue of credit inflation.