The curtain came down on a year that, simply put, was very rough for investors.

The US stock market had a strong rally through mid-quarter before falling steadily to end the quarter at multi-year lows. There really was no place for investors to hide, other than cash, which is now paying a decent return.

There was little place to hide as stocks slid into bear market territory.

The quarter can be summed up in two words – Ukraine and inflation.