After gaining more than 120% between March 23, 2020 and January 3 of this year, the S&P 500 index, a benchmark of the 500 largest companies in the U.S., has fallen nearly 20% over the last four months. In addition to the War in Ukraine, a sharp uptick in inflation, which has been climbing rapidly for a year and hit a high of 8.5% in March, has weighed on consumers and businesses, and led the Federal Reserve to hike interest rates as it tightens monetary policy.

While some investors may be thinking they should head for the hills, our latest Special Report offers perspective gleaned from 45 years of navigating the equity markets.