Taking its cue from the previous three months, markets again proved to be increasingly volatile for investors over the course of the most recent quarter. Market returns were mixed over the entire three-month period but, in general, risk off assets outperformed. Most notable was the performance of US Treasury securities (the ultimate risk off asset). For the quarter, yields declined on 30-year Treasury bonds by roughly 40bps, closing the quarter at 2.1%. During August, the 30-year bond yield hit its all-time low of 1.95%, reflecting increasing concern over US – China trade negotiations and the potential for associated economic deterioration. As a result, total returns on long bonds for the quarter exceeded 8%! In fact, when we look across the investment spectrum at a series of higher risk/lower risk investable choices, in virtually every instance, lower risk proved to be the superior performing investment during the quarter.