The February market movements were a sea change to the trading environment that held for over eighteen months. The euphoria of January, arguably driven by FOMO (fear-of-missing-out), transformed abruptly into something entirely different. We no longer live in a low yield, low volatility world. There is currently no moniker for the present regime—an increase in volatility across all asset classes accompanied by a significant correction in most trends—but let’s go with FTP (follow-the-tape) for now. What should be most troubling to portfolio managers and investors is the correlated loss across asset classes for the month—the best performers were Cash and the USD.