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1Q 2018 Market Commentary

Imagine you’re a mouse who’s been living in a well-stocked home while the owners have been on an extended vacation. That’s what it’s been like investing in the stock market over the past several years. Investors have enjoyed bountiful returns, and risk has been exceptionally low.

Up until February, we saw significant evidence of investor complacency, driven largely by the mismatched relationship between risk and return. This complacency was particularly evident in the CBOE S&P 500 Volatility Index, commonly referred to as the VIX. The VIX measures investor expectations for future stock market volatility.

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