Volatility is opportunity: The S&P 500 has recorded 4 drawdowns of at least -20% over the last 10 years, the most on record. By comparison, the number of such drawdowns ranged between 1 and 2 for 10 years before the 2020 pandemic. In fact, the market did not experience even one -20% drop during the 7–10 year period ending in the late 1990s. As the market becomes more reactive to headlines and the macroeconomy shifts, we are seeing massive swings in asset prices. Capitalize on this volatility.