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 …