As you are likely aware, 2018 was a rough year for financial markets. What made the year uniquely challenging was the breadth of the sell-off. Virtually every asset class lost money. The one exception was US Treasuries, which in the aggregate returned a meager 0.9%. As the financial news outlet Bloomberg noted, it was a “Hunger Games market,” and Treasuries were the only competitor left standing. Download Q4 2018 commentary.