Year-end 2018 was the antithesis of the close-out in 2017. While investors reveled in large equity gains and low volatility the year before, 2018 brought the misery of steep losses and high levels of volatility. Markets were choppy throughout the year and especially in the fourth quarter, with stocks wavering between gains and losses. Major indices around the globe fell abruptly from the record levels reached in January, ending the year under water. The corresponding increase in volatility of indexes, countries, style factors, etc. suggest that managers of all stripes may want to reevaluate their portfolios to reflect the changed environment.