On May 17, the S&P 500 Index dropped 1.82%. Day-after headlines were hardly subtle as breathless TV anchors whipped up anxiety like so much fresh cream. Compared to what’s proved a relatively tranquil year or so, the drop was noteworthy. But, while it might not have seemed such at the time, the day’s decline was not so far out of the ordinary as to be considered extreme in the context of the last near century’s-worth of market activity. This month’s commentary seeks to offer some of that longer-term context as a reminder that markets do sometimes experience substantial declines and that it’s been some time since we have experienced an onerous level of red. Though we may find solace in the equity market’s long-term positive bias, the shift in tenor highlights the need for regular reassessment of comfort with market risk.