Commentary

QTR 18-3 Commentary ACR

Volatility and True Results

The US equity market continued its steady ascent in the third quarter after a brief spate of volatility earlier in the year. Volatility then reared its lovely head again in the early weeks of the fourth quarter. Did we say lovely? Indeed, we did. Long-standing ACR investors know that volatility rears a lovely rather than ugly head in our eyes because volatility creates opportunity.