The S&P’s decline over the first 10 days of the year is the worst start to a new year that the index has experienced over its history, which dates back to 1928. During the first two weeks of January, we estimate that a typical 70/30, globally-diversified multi-asset portfolio with a 10% volatility target saw its net equity exposure immediately begin to adjust downward as volatility ticked higher. Apart from cash and Treasuries, no corner of the market was exempt from the downturn.