The first quarter of 2018 delivered an unwelcome (but probably overdue) return of investment market volatility. The last time markets experienced similar turbulence was in early 2016, when stocks posted their worst calendar year start in history. Unlike 2016, however, this past January saw stock markets extend their strong performance of last year. That ended abruptly in February, when plummeting valuations more than erased all of January’s gains.

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