Recent market volatility makes it easy to forget that just six months ago the markets entered the 10th year in a row of its bull run. At that time, not only were the markets overvalued, but the length of the record-breaking bull run dictated caution. Furthermore, several considerations such as a housing crisis, debt levels, trade wars, presidential cycles, and pandemics led JHH to finally de-risk portfolios, after a prolonged period of being fully exposed to equities, on February 1st, 2020.