2019 is off to a great start. Global equity markets finished the first quarter up an astounding 12.2%. Domestic stocks are once again leading the pack, having returned 13.7%, their best start in almost 20 years. Bonds, of all varieties, are also participating in the rally. US investment-grade bonds have returned 2.9%, and riskier forms of debt, like highyield bonds, have climbed 7.4%. The above-average returns witnessed during the first three months of the year are a welcome surprise, considering nearly every asset class lost money last year. Given the abrupt change in investors’ risk appetites, it is reasonable to ask what, if anything, has changed? Download Q1 2019 commentary.