New York
MANY of the assessments of the 2017 financial markets understandably focused on the impressively favorable outcomes delivered by stocks and other risk assets. Yet it is also worth considering what didn't happen - in particular, nine events, which, by not taking place, contributed to make the last 12 months exceptional for many investors, big and small.
Superlatives have been, and should be used, to describe stock-market performance in 2017. Rewarding overall returns, including gains of 25 per cent for the Dow Jones Industrial Average and 19 per cent for the S&P 500, came wrapped in extremely low volatility. The VIX, the most-widely followed measure of market volatility, registered nine...
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