What a difference a year makes. As we closed out 2017, we discussed all-time highs in stock market indices, all time lows in stock market volatility, and persistently low long-term interest rates. By the end of 2018, the S&P 500 was down 13.5% in the fourth quarter, and the VIX touched 36 the day before Christmas. Fast forward another few weeks, and the Fed had adopted a more dovish stance on rates. The macroeconomic backdrop in which we were investing had certainly shifted.
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