Equity markets have continued to break records during November advancing quietly due to less trade news relative to the rest of the year. The S&P TSX Composite (YTD gain 18.5%) is on track to finish the year at its highest calendar year return in a decade, and the S&P 500 (YTD gain 24.2%) is on track to record its highest calendar year return since 2013. No discussion of market performance would be complete without a discussion of risk, which we’ll get into as we continue.