Here we are, over ten months into the year, and much like 2011, U.S. equities and bonds are the leaders of the pack. We still see non-U.S. and emerging market equities, commodities, and non-U.S. debt lagging. This is in part because of a knee-jerk, risk-off shift that started in September, and is also a result of a stronger U.S. dollar. Earlier in the year, low volatility lulled most investors into a comfortable slumber, riding U.S. equities’ low volatility uptrend. Investors have been jolted awake, however, as September and October have proven turbulent.