Stocks tumbled in January, posting their largest monthly loss since the beginning of the pandemic. Investors were spooked by unabated inflation, ongoing supply chain issues and semiconductor shortages, and the buildup of Russian military forces around Ukraine. Investors felt threatened on many levels, and the markets reflected that.

The year 2021 was marked by uncertainty on many fronts. It began with a shocking attempt to overturn an American election, televised live from the nation’s Capitol building. As a new administration entered the White House, investors refocused on the uncertainties of a recovering economy and a COVID-19 pandemic that refused to be quelled. Throughout the year, optimism was often followed by setbacks. Periods of volatility were sparked by new COVID variants, rising inflation, China’s real estate market, soaring government debt, and crowd-sourced investing frenzies. Still, investors who stayed the course benefited from recovery and expansion as the economy gained strength.