Yet another quarter has gone by during which, were it not for the actions—or, rather more appropriately, expectations of forthcoming actions—by the Federal Reserve, equity markets otherwise might have turned in a rather more sober tally. With earnings growth waning against a backdrop of elevated valuations, perhaps too much hope rests on a nearer-term future over which the Fed may be able to exert only modest influence. As we wonder which wags which, tail or dog, we remain focused on providing broad means for investors to work with advisors to address any shift in tolerance for the elevated risk and uncertainty of it all.