As we have highlighted was likely through this year, the fourth quarter is proving to be the most difficult period in terms of achieving sustained positive asset returns globally. Having shown uncertain direction, but at least managing a start-stop recovery rally from the February correction until late September, global equity markets have again turned weaker in October and through November to date. Since peaking at 2,930 on 20 September, which (it must be remembered) was an all-time high, the US S&P 500 Index has fallen by a shade under 10% and effectively qualifies as being in a correction …