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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye Senior Macro analyst Darius Dale. Click here to learn more.

"... There has been much to celebrate indeed – especially if your portfolio is over-indexed to the right side of the Chart of the Day below. No, 2015 was not a “flat-to-up” year for stocks as many strategists and pundits would have you believe. In fact, there was plenty enough dispersion of returns at the sector and style factor levels for some market participants to win big and take share in terms of AUM and/or relevance."

CHART OF THE DAY | Year-End Review: Why 2015 Was A Great Year For Stock Pickers - ZZZ EL Chart of the Day