Markets kept on rolling in January as the S&P 500 gained 5.73%, the 11th best start to a year since 1950. In general, good Januaries foreshadow good calendar years overall. In 9 out of the 10 instances where January market returns were better than 2018’s start, stocks continued to rise for the duration of the year. Emerging market equities were hot as well, having gained 8.33% already. If there were any weakness to be found, it was in fixed-income securities. Rising interest rates took their toll on bonds, and the Bloomberg Barclays Aggregate Bond Index, composed of investment-grade U.S. bonds, fell 1.15% last month.