With the close of the third quarter on September 30, this is a natural point to look back on the year and see where we are.

Financial markets have been buzzing with speculation, concern, and even outright fear about emerging markets. You’ve probably heard about Turkey and Argentina, which are both in the middle of currency crises, and you may have wondered: how can two relatively small economies on two different continents generate so much news?^[1]

If you were to simply look at the performance of American equities, July 2018 might strike you as relaxed and positive.