May was quite ugly for the capital markets around the globe. We haven’t seen anything like this in a while. The last time a single calendar month pinched so many asset classes so deeply: September 2011. Last month delivered a repeat performance, with prices sliding almost everywhere, in several cases by a lot. The one exception: US stocks. The Russell 3000 posted a healthy 2.4% total return last month, leaving US equities higher by a hefty 15.6% so far in 2013. But that’s where the good news ends.