It seems that after a relatively quiet and positive 2017, that 2018 has seen the resurgence of volatility. Remember that markets are discounting mechanisms. This means that assumptions about the future are priced into current values. Market valuations of one year ago had priced into themselves an assumption about the coming year, in terms of economic activity, earnings, interest rates, and other quantifiable metrics. Since that time, we’ve seen the passage of the Tax Cuts and Jobs Act, and the imposition of tariffs among other things.