Q1 2018: Regime Shift

After a stellar 2017 and January 2018 where the S&P 500 Index rallied 21.8% and 5.7% respectively, the beginning of February marked the largest equity markets decline since 2011. Stocks briefly recovered only to selloff again in March, likely marking the end of the recent high return/low volatility regime in favor of lower returns and higher volatility. Volatility in early April has continued with more +/- 1% daily moves in the first quarter than all of 2017.

Please click to view the complete Q1 Quarterly Update.