First Quarter 2018 Investor Letter

The first quarter of 2018 proved to be an eventful one. You may recall that we spent much of our fourth quarter update discussing what we thought was a critical move in interest rates and the high likelihood that this shift would cause a reversion to the mean in broader market volatility. While we may not have expected to see those forces play out so quickly, we certainly weren’t surprised that the record-setting calm of the second half of 2017 came to a notable end. While the S&P 500 Total Return Index (“S&P 500”) may have finished the quarter down just -0.78% overall, that index closed the quarter nearly 8% off its January high. Importantly, that was also near lows …