As complacency gave way to concern, the global bull market came to an end, as we suggested last quarter it might. It has been a volatile quarter for most markets and assets, but in the end most declined for the quarter. This is just the beginning of the unwinding of the “global bull market in all things”, induced by massive global money creation. As central banks tighten, albeit hesitantly, and the blind faith is broken, it will no longer be a one-way street for markets and assets, with more discrimination among assets, bear markets for bonds and “new economy” stocks, and a bull market in gold. Finish reading here: Portfolio Review 2018 1Q