The first quarter of 2021 fueled hopes for a strong 2021 market recovery. The Dow finished up 7.8%, the S&P gained 5.8%, and the Nasdaq added 2.8% for the quarter. But we also saw signs of desperation: wild trading in the equities market, spurred on by Reddit and Robinhood. And we witnessed the debacle of Archego Capital Management, a family-owned firm that used risky “total return swaps” to massively leverage investors’ money. International banks took a huge hit as the bet unraveled. “I guess the smart money isn’t that much different than the Reddit traders,” posted one commenter in the Wall Street Journal (April 6, 2021). You might be asking, is this what recovery looks like?