I've often told our advisors and clients the calendar can be a cruel thing for investment managers. Everyone focuses on the returns for each month, quarter, or year, which is often skewed by large moves the last few days or weeks of the period. Look at 2018 where a spectacular

Expectations for volatility are at a record low. Despite a steady stream of events that could have sparked a wide-spread sell-off, the market was surprisingly resilient. The S&P 500 (including dividends) has been up every month since the election. This ties the longest streak on record (December 1994-September