In Like a Lion and Out Like a Lamb

That is what the first quarter felt like when summarizing investment performance.
The S&P fell 1.4% on the first trading day of the year, had its worst starting week on record, and the worst January since 2009. By February 11th, the global stock market rubbed up against the technical definition of a bear market, down roughly 20% from a high last spring. Many international markets firmly entered bear market territory. Headlines focused on doomsday scenarios related to crashing oil prices and a rapidly decelerating Chinese economy.
Then, things reversed for no concrete reason. Markets rallied hard in the second half of the quarter and frustrated those who got scared out by the declines.  After years of US stocks outperforming other asset classes, the benefits of diversification resurfaced in Q1.