Welcome back.  Let’s get right to it.

With the new year only a few days old, there’s still plenty looking back going on.  Here’s some analysis of the monumental year in deals—all $4.7 trillion-worth—that was marked not only by the size and number of mergers but the complexity and creativity in their structures – NYTimes

Also, while we’re looking back, how about the year in markets (and the failure of the Santa Claus rally).  Truth is, for all the trouble abroad (think Greece, Chinese markets, nearly all of Europe) and in commodities (think about the drubbing oil and gas took), most are going with a “could’ve been worse” philosophy – NYTimes and WSJ

Early trading today in Asia and Europe is only reemphasizing that point, with another sharp drop in Chinese markets prompting a global selloff – WSJ

The Journal has decided to look forward instead, and it’s expecting a rough year ahead for tech startups, especially with the greater scrutiny given valuations after some major-league gaps between private valuations and IPOs last year – WSJ

Law360 is future looking as well, offering for us the cases to watch in securities and banking in the next 12 months – Law360

He may be going to the mats in his defense of Valeant publicly, but recent filings show that Bill Ackman and Pershing Square have dropped their Valeant stake from 9.9% to 8.4%—roughly 5 million shares – NYTimes

Lest we get too far in the first post of 2016 without some Fed speculation . . . here you go (it’s willing to bump rates again if it sees bubbles brewing) – Bloomberg

As Gretchen Morgenson describes, no one generally thinks of “flame-throw[ing]” coming from the Financial Accounting Standards Board (FASB), but a recent proposal that “would effectively change the definition of materiality” could qualify – NYTimes

How is Wall Street reaching the prized every-day Chinese investor?  Smartphones and apps, of course – WSJ

Carl Icahn officially adds Pep Boys to his portfolio, outbidding Bridgestone in a deal worth roughly $1 billion – NYTimes

DuPont’s cutting jobs as it prepares for its marriage with Dow – NYTimes

The Terms and Phrases that marked the financial world in 2015, courtesy of MoneyBeat – WSJ

Quite a start to the year for anglophiles, thanks to a Victorian-era turn from Sherlock and the final season debut of TQP’s favorite upstairs/downstairs serial – NYTimes