If one believes the old adage that “as January goes, so goes the year”, then 2020 could shape up to be a volatile 12 months for markets. January’s first day of trading saw the S&P 500 close at a new all-time high (with 5 more during the following 2 weeks) then end the month with a week that featured three >1% daily moves (1 up, 2 down). In between there were several items of news and noise, only three of which ultimately mattered. Similarly, the funds at Forge First kicked off the new decade with mixed performance during January. Our Forge First Long Short LP CL F Lead Series lost 0.36% net of fees while our Forge First Multi Strategy LP CL F Lead Series gained 0.35% after all expenses.