It Happened Again

The S&P 500 was down nearly 20% from the highs at the Liberation Day lows in early April. The index was showing a 15% loss for the year as of April 8th. From the lows, the market took off like a rocket ship, rising almost 40% from there through year-end. The S&P 500 finished 2025 with a gain of almost 18%. To recap, there was a peak-to-trough drawdown of around 19% but the market still finished the year up nearly...