The current bull market completed its ninth year with astonishing gains. The S&P 500 Index gained 21.8% while the Russell 2000 Index advanced 14.7%. The Nasdaq was even more impressive, setting a record 72 new closing highs during the year and finishing with a 29.6% gain. In addition, the rally was largely uninterrupted and characterized by very subdued volatility. On a total return basis, the S&P 500 Index didn’t have a single down month during the calendar year for the first time since 1927.