When the calendar rolled over from 2011 to 2012, it was as if someone flipped a switch in the markets. Fears from Europe calmed, volatility plunged, and equities began steadily rising. In fact, U.S. stocks registered their best first quarter performance since 1998. While the beginning of the second quarter has brought back some concerns over Europe, we at Heritage Trust believe first quarter performance is indicative of a longer-term trend of higher equity returns relative to other asset classes.