Even without the pandemic or the U.S. election, market returns alone would have made 2020 an abnormal year. Adding to their peculiarity, though, was the fact that global equity markets at one point in 2020 had lost a third of their value from a prior peak. The historic drawdown and the ensuring gargantuan rally, all within a mere 12 months, offer a fresh reminder of the give and take of return and risk in investing. Negative calendar years are relatively rare. But, negative 1-year periods are not. Neither, frankly, are negative 5-year periods. With markets near all-time peaks, it’s a fine time to reassess tolerance for exposure to market risk.