2018 brought investors a number of twists and turns. In the end, the S&P 500 Index finished the year down 4.4%. This was the first down year for the S&P since the sharp swoon we experienced in 2008. Losses were concentrated in the fourth quarter, when the Index dropped 13.5% and experienced its worst December since 1931. Meanwhile, the Russell 2000 Index declined 20.2% in the fourth quarter and ended the year down 11.0% as a “risk off” mindset disproportionately impacted shares of smaller companies.