For the first time in a decade, the S&P 500 Index posted a calendar year loss. Meantime, the domestic investment-grade fixed income market barely managed to turn positive for the year, the primary savior likely having been a flight to safety wrought by the equity market’s decline. The recent, rather sharp rebound in equities has us thinking investors found the selloff overdone. Still, we’d hesitate to offer the all’s clear. But, while we do find a range of reasons for going-forward caution, neither further volatility, nor a reasonably positive gain for 2019 will surprise us.