March came in like a lion and left like one as well. Lambs were hard to find and we enter April with trepidation—there is no Spring in our step. Weathering the ugly swings in prices last month proved difficult, with the oddity of volatility ending the month lower, even with price movements devoid of clear trends and correlations broken down across asset classes. Confidence in markets is nowhere to be found and alternatives to speculative investment (i.e. gold and cash) outperformed again. The most interesting point about March and the first quarter in general was that the curve for equity options flipped to backwardation—this can happen when markets fear the present more than the future, a situation that best describes March.