For the past two years, we’ve made a point to highlight the natural ebbs and flows of global investible markets. A major part of the rationale was that over the past couple of years markets have been much less ebby and flowy than history suggests is possible...normal. Acknowledging that market-related headlines have turned qualitatively ugly over the past few months, we wanted to attempt to pull perspectives into the future. Before the latest ills, with time global equity markets always have recovered from whatever near- and medium-term chill they caught. While investors should regularly gauge their tolerance for medium-term drawdowns, they may find some solace in the understanding that the years ahead may still prove gainful.