This seemingly indiscriminate buying created a paradise for index funds that simply accumulate representative assets in their chosen sectors....The cause of all this, of course, was the tsunami of new currency being created by the world’s central banks and dumped into the banking system. It had to go somewhere and ended up going everywhere. But now the central bank spigot is being turned off, and everything is heading back down the same way it rose — in lock-step. From today’s Wall Street Journal: All told, 90% of the 70 asset classes tracked by Deutsche Bank are posting negative total returns in dollar terms for the year through mid-November, the highest share since 1901. (The S&P 500 is up slightly in 2018 on a total-return basis.) Last year, just 1% of asset classes delivered negative returns.