We have had a small pickup in volatility in the equity markets since October.
The median year-to-date performance in the MSCI World Index with two weeks of trading left is -1%. The median stock was up 20% at this point last year and was up 13% at this point in 2012. The developed country with the worst median performance YTD is MSCI Portugal. The median stock is down 35%.
The MSCI World Index is only about 6% of it’s 200-day high as of the close yesterday. However, 55% of the stocks in the index are down at least 10% and 30% of the stocks in the index are currently in a bear market (down at least 20%).