Volatility Clusters

Coming into 2025 the S&P 500 had just two down years out of the past 15: 2010 +14.8% 2011 +2.1% 2012 +15.9% 2013 +32.2% 2014 +13.5% 2015 +1.4% 2016 +11.8% 2017 +21.6% 2018 -4.2% 2019 +31.2% 2020 +18.0% 2021 +28.5% 2022 -18.0% 2023 +26.1% 2024 +24.9% We were all probably a little spoiled. Regardless of the reason for the recent swoon, we were due. By my count this is the 39th double-digit downturn since 1950: That&#...