Resilience; the term that best describes the behavior of the financial markets over the past three months. Investors were besieged by reasons to adopt a bunker mentality, sell risk assets and run to cash. Prominent among the reasons to sell were renewed weakness in European Monetary Union members? finances, a rapidly approaching Treasury debt limit, uprisings throughout the Middle East and Northern Africa, and the devastation and loss of life in Japan. While none of these situations has ended, the flight to safety was short-lived.