It was the worst three month stretch for bonds since 1980. The Bloomberg Barclays Aggregate bond index fell 6%. The index yields about 2.5%, meaning it lost over two years of expected income in a quarter. Add in high inflation, and bonds had a dismal start to the year.

In sum, everyone should take a moment to appreciate 2017 and pat themselves on the back. As always, the world offered many causes for concern. You overcame skepticism, remained disciplined, and profited.