Investing in Volatile Markets
Fixed Income Update – September 2020
(4:22) In this brief update, Ashok Bhatia, Deputy CIO—Fixed Income, provides an overview of the developments within Fixed Income markets and the outlook for what’s ahead.
Market Conditions and Opportunities in Private Credit
(4:48) Matthew Bird, Managing Director for our Private Debt team, provides an update on how the Private Debt markets are managing through the COVID-19 crisis, how the team has been managing portfolios since March, and what investors could anticipate in the months ahead.
Recovery Scenarios and Emerging Themes
(4.13) Erik Knutzen shares guidance on navigating the range of paths through the recovery and our playbook 2.0 for capitalizing on investment themes.
A New Cold War?
(5:29) U.S.-China relations have been tested over the course of the pandemic. There are rising concerns that a potential decoupling of the two countries could usher in a new cold war, which may bring negative impacts to the overall global economy. How might this affect China? Watch this video where Ning Meng, Portfolio Manager – China Equity, discusses his views with Patrick Liu, Head of China, on the economic and equity market outlook for China.
“The World’s Factory” Reopens
(5:32) Just as Chinese manufacturers are coming back online, the rest of the global economy is still struggling to contain the outbreak. With overseas demand for Chinese manufactured goods weakening, where does demand come from? How might this affect China’s economy?
Equity Investing as We Approach a “New Normal”
(3:59) Richard Nackenson, Neuberger Berman Equity Portfolio Manager, discusses how investor psychology has changed over the past month and where he is finding investment opportunities as we approach a “new normal.”
Private Equity Perspectives “Moving from Defense to Offense”
(7:27) David Stonberg, Global Co-Head of Private Equity Co-Investments, provides an update on the private equity market and discusses deal activity in the Co-Investment space.
Trends in Private Market Investing
(3:57) Sean Ward looks at the trends that are emerging across buyout managers and how this is impacting investor sentiment.
Recovery Scenarios and Emerging Themes
(4:39) Erik Knutzen shares insights on navigating the range of paths through the recovery and our playbook for capitalizing on investment themes.
Municipal Bond Market Update
(2:27) James Iselin, Neuberger Berman’s Head of Municipal Fixed Income, discusses the potential for a rise in delinquencies and defaults across the municipal bond market.
Private Debt Through the Crisis
(3:44) Susan Kasser explores the themes that remain consistent in private debt portfolios through the crisis and those that will likely reassert themselves following the dislocation.
Market Volatility | Closing Bell Insights
(6:48) On this episode of Closing Bell Insights, Stephanie B. Luedke, Head of Private Wealth Management joins Joseph V. Amato, President and Chief Investment Officer of Equities, as he shares an update on the current equity market environment and discusses what to potentially expect from an economic “restart”.
The Pandemic’s Effect on the Retail Sector
(6:21) Sam Porat discusses the impact the current COVID-19 pandemic has had on the retail sector and how it has compared to previous downturns.
EM Equity: A Return to Fundamentals, but a Long Road Ahead
(5:55) Conrad Saldanha, Neuberger Berman Emerging Markets Equity Portfolio Manager, discusses April’s EM equity market rally and the impact of falling oil prices on EM economies.
Perspective on Private Credit
(4:22) Listen to David Lyon as he discusses the current dislocation in the credit markets and the types of investment opportunities that may emerge as a result.
Real Estate Investing Through the Crisis
(4:40) Matthew Kaplan reviews the impact to different sectors of the real estate market resulting from COVID-19 and where opportunities may arise as the market finds its footing.
Opportunity in Credit Dislocation
(4:18) Michael Holmberg and John Humphrey provide an update on the credit market dislocations resulting from the crisis, what is causing concern in the market and how to find the opportunities that are emerging.
Energy Update: Oil Prices Fall to Historic Lows
(3:52) Jeff Wyll, Neuberger Berman Senior Research Analyst, discusses the April 20th collapse in U.S. oil prices and the implications for investors in the energy sector.
Fixed Income Market Update: A Lower Volatility Environment
(3:13) Ashok Bhatia, Neuberger Berman Deputy Chief Investment Officer - Fixed Income, discusses the decline of fixed income market volatility in April and provides an update on where his team is finding value across the fixed income markets.
A View of Markets Through Insurance Securities
(6:23) Peter DiFiore, Portfolio Manager on the Insurance Linked Strategies team, discusses developments in the Insurance Linked Securities market while identifying trends and implications investors should be aware of.
European Private Equity Insights
(7:05) Joana Rocha Scaff, Head of Europe Private Equity, delves into how European private equity firms are dealing with the crisis, best practices for investor communications and the importance of understanding the long and short term impact of the crisis.
The Impact of COVID-19 on Borrowers
(4:57) Peter Sterling, Head of Specialty Finance, addresses the impact of COVID-19 on different segments within specialty finance with a look at how to dampen the impact and expectations for the future.
Secondary Private Equity Through Market Cycles
(6:45) Tristram Perkins, Global Co-Head of Secondary Private Equity, looks at the impact of today’s crisis on the secondary market and how it compares to the global financial crisis.
Private Equity Investing in Today's Market
(6:40) Jonathan Shofet, Global Head of the Firm’s Private Investment Portfolios group, looks at how private equity funds are navigating the impact of COVID-19, with a focus on the types of investments we are seeing given the current environment.
A View of the Private Equity Environment
(4:20) Anthony Tutrone, Global Head of Alternatives, looks at private equity valuations through crises and the investment environment looking ahead.
Volatility Update: Swings in Sentiment Keep Volatility Levels Elevated
(4:47) Derek Devens, Neuberger Berman Option Group Portfolio Manager, talks about continuing volatility, the factors that could steer it one way or another and the potential implications for Options investors.
Macro Insights and Asset Allocation
(4:17) Erik Knutzen, Chief Investment Officer – Multi-Asset Class Strategies, discusses why he believes the market volatility that has characterized this environment will continue to persist along with highlighting select areas that may present opportunities for investors.
European Fixed Income Market Update
(7:47) In this video, Investment Grade European Fixed Income Head, Patrick Barbe provides an update on current conditions across bond markets, explaining what he believes marks an important turning point in the current situation. He also offers his outlook and an update on positioning, considering potential trends such as a shift away from globalization towards more domestically-oriented growth prospects.
Small Cap Equity Market Update
(2:30) Benjamin Nahum, Neuberger Berman Small Cap Equity Portfolio Manager, discusses how small cap equities performed amidst the market sell-off in the first quarter of 2020 and provides an update on portfolio positioning.
Currency Market Update
(9:28) In this video, Neuberger Berman’s Head of Global Currency, Ugo Lancioni provides an update on currency markets during the current period of volatility. Ugo reviews how global currencies have been impacted by the situation, outlining key drivers of FX markets. He also explains how he aims to identify the winners and losers amid the current dynamics.
Hedge Fund Market Update
(7:29) Jeff Majit, Co-Head of NB Alternative Investment Management, discusses how various segments of the hedge fund market have performed during the recent period of heightened market volatility and how his team is positioning portfolios during this uncertain time.
(19:04) Senior credit professionals Ashok Bhatia, Deputy CIO in Fixed Income, David Brown, Co-Head of Global Investment Grade Fixed Income, Susan Kasser, Co-Head of Private Credit and Joseph Lynch, Global Co-Head of Non-Investment Grade Credit discuss the market implications and potential opportunities arising from the recent unusual market dynamics.
Small Cap Equity Market Update
(4:35) Judy Vale, Neuberger Berman Small Cap Equity Portfolio Manager, provides an update on the small cap equity market for the first quarter of 2020 and portfolio positioning amidst this period of market uncertainty.
Large Cap Growth Investing During a Volatile Time
(5:06) Jason Tauber, Neuberger Berman Large Cap Growth Portfolio Manager, discusses how growth stocks have performed amidst the recent equity market decline and provides an update on portfolio positioning.
Real Estate Securities Update: Market Reacts to Stimulus Package
(4:51) Steve Shigekawa, Neuberger Berman Real Estate Securities Portfolio Manager, discusses the impact of the recently approved fiscal and monetary stimulus packages and portfolio positioning in light of the economic slowdown.
Equity Market Perspectives
(4:51) Richard Nackenson, Neuberger Berman Equity Portfolio Manager, comments on the unprecedented level of volatility that has characterized the markets over the past month and how this time period compares to historical periods of market stress.
Municipal Market Perspectives
(4:25) James Iselin, Head of Neuberger Berman Municipal Fixed Income, recaps the unprecedented volatility experienced in the month of March. He also discusses the outlook for municipals and the resiliency of muni credit versus corporate fixed income.
China Private Equity Markets Update
(6:39) The recent outbreak of COVID-19 in China has led to significant impacts on businesses and industries. With the country’s economic activities picking up, Lydia Hao, Principal, Asia Private Equity, provides an update on what happened in the China private equity markets, and how China GPs are navigating the uncertainty and identifying opportunities.
CLO Market Update
(6:29) Pim van Schie, Neuberger Berman Non-Investment Grade Credit Portfolio Manager, discusses market activity for CLOs over the past month and the team’s approach to navigating the risks associated with the sell-off in the non-investment grade fixed income market.
Uncorrelated Strategies Market Update
(6:51) In this short video, Portfolio Manager, Fred Ingham provides an update on current conditions across uncorrelated strategies, offering his thoughts on both the short and longer-term impacts of COVID-19 on asset markets. He also updates on the positioning of Neuberger Berman’s portfolios.
Market Volatility | Closing Bell Insights
(4:40) On this episode of Closing Bell Insights, Joseph V. Amato, President and Chief Investment Officer of Equities, shares his market update and insights after the closing bell, including potential implications for investors.
EMD Market Update
(8:54) Gorky Urquieta, Co-Head of the Neuberger Berman Emerging Markets Debt Team, discusses the factors that contributed to the sell-off of EMD assets over the past month and how the team is positioning portfolios in this volatile market environment.
High Yield Market Update: Volatility Persists
(6:03) Christopher Kocinski, Neuberger Berman U.S. High Yield Senior Portfolio Manager, discusses the factors that have contributed to the volatility in the non-investment grade credit market and how his team has adjusted portfolios as spreads have widened.
Perspectives on Volatility
(6:02) Charles Kantor, Neuberger Berman Equity Portfolio Manager, shares his perspectives on the volatility that has characterized the markets over the past month and discusses how this downturn compares to the one that occurred in 2008.
EM Equity Market Update
(3:55) Marco Spinar, Neuberger Berman Emerging Markets Equity Portfolio Manager, discusses changes in the EM equity market over the past two weeks and how his team is managing through economic uncertainty prevalent across EM countries.
How Could Covid-19 Affect 5G?
(2:55) The way we live, work and learn has shifted markedly since the Covid-19 outbreak. With greater reliance on online resources, we see an increased demand for faster network speeds that could be enabled by 5G. How could the pandemic affect 5G rollouts? Where are the opportunities? Watch YT Boon, Director of Research – Asia, as he shares his insights on the demand for this service.
Macro Insights and Asset Allocation
(6:35) Erik Knutzen, Chief Investment Officer – Multi-Asset Class Strategies, discusses the impact of last week’s Fed actions and stimulus package along with how this decline is different than 2008 in terms of markets and investment implications.
Equity Market Perspectives
(3:38) Sandy Pomeroy, Neuberger Berman Equity Portfolio Manager, discusses how higher yielding segments of the equity market have held up amidst the recent equity market decline and areas of the market where she is seeing opportunity.
Fixed Income Market Update
(4:16) David Brown, Co-Head of Global Investment Grade Fixed Income, provides an update on how recent support from the Fed has impacted the fixed income markets and how his team is navigating this uncertain time.
Perspectives on Liquidity
(8:57) Anne Brennan, Chief Risk Officer and Ken DeRegt, COO for Fixed Income, share their insights on managing liquidity in today’s markets, with a look at how this compares to 2008.
China Bond and Equity Markets Update
(14:49) China was the first economy to be struck down by COVID-19 and looks to be the first to come out the other side. Peter Ru, Senior Portfolio Manager, China Fixed Income Strategy Leader and Meng Ning, Senior Portfolio Manager, China A-Shares provides an update on how the economy is recovering, what happened in China bond and equity markets, and what are the unknowns and opportunities ahead.
Sustainable Equity Investing in An Uncertain Market
(4:47) Ingrid Dyott, Neuberger Berman Sustainable Equity Portfolio Manager, discusses recent government efforts to stimulate the economy and how sustainable companies are faring in the current market environment.
Using Data Science to Bring Order to the Disruption
(4:45) Michael Recce, Chief Data Scientist, discusses the data sets his team is analyzing to help us look at trends that may give some insight on the path for a return to normalcy in both public health and the economy.
Navigating a Challenging Municipal Bond Market
(5:27) James Iselin, Head of Neuberger Berman Municipal Fixed Income, discusses unprecedented yields and portfolio positioning amidst this period of market volatility.
Small Cap Equity Market Update
(3:14) Gregory Spiegel, Neuberger Berman Small Cap Equity Portfolio Manager, provides an update on small cap equity markets and portfolio positioning amidst this period of market uncertainty.
The Significance of ESG Integration
(11:54) Jonathan Bailey, Head of ESG Investing at Neuberger Berman, looks at how companies are responding in the crisis and the significance of sound ESG policies in today’s markets and going forward.
Corporate Hybrid Bonds Market Update
(5:54) In this short video, Senior Portfolio Manager, Julian Marks provides an update on current conditions within corporate hybrid bond markets, outlining the biggest unknowns and updating investors’ on the current positioning across Neuberger Berman’s portfolios.
Large Cap Value Investing During A Volatile Time
(4:16) Eli Salzmann, Neuberger Berman Large Cap Value Equity Portfolio Manager, provides an update on large cap equity markets and why the tide might be turning towards value investing.
High Yield Market Update
(5:31) Joe Lind, Neuberger Berman High Yield Portfolio Manager, discusses factors driving the high yield market and strategy positioning during an uncertain time.
Emerging Markets Debt Market Update
(6:16) In this brief video update, Rob Drijkoningen, Co-Head Emerging Markets Debt, provides an update on markets and current positioning, offering his views on the most important factors affecting investors at the moment.
Macro Insights and Asset Allocation
(6:06) Erik Knutzen, Chief Investment Officer – Multi Asset Class Strategies, discusses uncertainties facing investors and where they may turn to seek “quality investments and quality yields” when re-allocating risk assets.
Volatility and Options Markets: Uncertain Times; But Not Unprecedented
(5:49) Derek Devens, Portfolio Manager from Neuberger Berman’s Option Group, discusses uncertainties facing investors and their implications for option premiums.
Navigating a Volatile Fixed Income Market
(4:03) David Brown, Global Co-Head of Investment Grade Fixed Income, provides an update on the fixed income markets and strategy positioning during an uncertain time.
International Equity Investing During A Turbulent Time
(4:52) Elias Cohen, Portfolio Manager on the Neuberger Berman International Equity Team, provides an update on the non-U.S. developed equity markets and strategy positioning in a volatile market environment.
EM Equity: Managing Through “Indiscriminate Selling”
(5:04) Conrad Saldanha, Senior Portfolio Manager from Neuberger Berman’s Emerging Markets Equity Team, discusses how he's navigating the turbulent market in both a macro and fundamental context.
Navigating Disruption in the REITS Market
(3:25) Brian Jones, Co-Portfolio Manager from Neuberger Berman’s Real Estate Securities Group, provides an update on the listed real estate market and strategy positioning amidst this period of heightened market volatility.
The Historical Impact of Economic Downturns on Private Equity
An assessment of private equity return patterns in three recent significant downturns.
Bring On the Transition
A period of changing policy could bring new opportunities to add to yields in the municipal market.
China And Europe: Driving Fixed Income Volatility, With More To Come
Recent developments have global reach and could create more enduring market impacts.
From Hanging Ten to Choppy Waves
Does a change in the weather forecast at the Federal Reserve signal an end to the early stage of this recovery cycle?
Course Correction or Policy Framework Change?
Faced with higher inflation numbers, the Federal Reserve has begun to create more meaningful parameters around its evolving stance on monetary policy.
The Temperature’s Rising
As Treasury yields climb and assets geared to the recovery race ahead, the Asset Allocation Committee asks, will the economy overheat, and should investors consider rebalancing?
Real Yields, Inflation Breakevens and Risk Assets: The Changing Environment
Investors need to position themselves for a different and more complex environment.
A Tentative Recovery
The arrival of coronavirus vaccines means the economy should eventually get out of its sickbed but, faced with risks on both the upside and the downside, the Asset Allocation Committee thinks investors should take things steady.
Inflation Risk Reemerges
Even as central banks hold in place, recovery amid currently easy monetary policy could bring renewed pricing pressures.
Searching for Relative Value
Growth questions and potential inflation are among the issues fixed income investors face in seeking opportunity in the current environment.
China Property: Recovery From the COVID-19 Lockdown
With recovery, home price growth and overheated land prices could attract policy intervention.
Uncorrelated Through COVID
The rollercoaster ride of the COVID-19 market crisis presented the toughest challenge imaginable to the concept of “uncorrelated strategies”—did they live up to it?
Durable Income: Finding Opportunity in Corporate Bonds
Amid uncertainty and low interest rates, quality corporate bonds can play a key part in diversified portfolios.
A Bridge Across Turbulence
Remaining mindful of current market forces, but looking beyond them, may be essential to investment success from here.
Learning From the COVID-19 Crisis
Some thought that environmental, social and governance trends would take a step back in the pandemic, but we believe the opposite has occurred.
Bracing for Winter, Looking Forward to Spring
Anticipated near-term volatility around the U.S. election and the path of coronavirus may present opportunities to position for an improvement in sentiment in 2021.
Flexibility and Fundamentals
The new environment of zero rates and higher credit market volatility calls for a new approach to durable income investing—one that can go anywhere, but remains anchored in bottom-up conviction.
Evaluating the Options
(19:05) With volatility returning to the Options market, what are investors’ options now in this new investing climate?
On the Road to Secular Stagnation
Sentiment around monetary policy, fiscal policy and a host of other factors can swing markets, but can anything return us to sustained growth and inflation?
Japan’s new prime minister could boost fiscal and growth strategies to secure his position ahead of the next general election, with a focus on digitalization and deregulation.
Epic Battle or Rope-a-Dope?
Identifying the winner of the rumble between ‘The Japanifier’ and ‘The Stimulator’ is likely to be the key determinant in successful portfolio construction for years to come.
Heading for a Fall?
The fall season often trips up the markets, and 2020 promises more than its fair share of hazards.
Quarantined From Market Risk?
We look at whether “uncorrelated strategies” lived up to their label through the COVID-19 crisis.
When Tax Alpha Is Negative
It may come as a surprise to discover that tax-loss harvesting can result in negative alpha: Here’s what’s going on.
Vulnerability to Default in Emerging Markets
While emerging markets sovereign defaults are at levels not seen since 2001 this year, rapid policy responses are helping to avoid the worst—furthermore, we believe the corporate default rate for 2020 could be lower than in 2009 or even 2016.
The Past, Present and Future of Insurance-Linked Securities
(14:30) As the insurance industry is potentially facing one of the biggest losses in history due to COVID-19, what can we learn from the past that could allow us to find opportunities in the future?
Q&A: The Pandemic and Politics
Assessing the 2020 race in light of COVID-19, economic weakness and civil unrest.
The Changing Path to Credit Opportunities
Sector and security selection will likely be the focus of potential fixed income returns from here.
Asian Credit Remains Firmly Investment Grade
Spread-widening in the Asian credit markets due to COVID-19 is understandable, but we believe it overstates downgrade and default risks, and represents an attractive value opportunity for long-term investors.
Like societies emerging from lockdown, the AAC is venturing out, cautiously.
Thriving Amid Volatility: Perspectives on Asian Credit
(13:02) Despite volatility seen across global markets, the emerging markets across Asia have continued to thrive, both before and after the COVID-19 crisis. What is it about this region that has created these key opportunities?
How VIX history rhymes—and why we believe option writing strategies are still attractive despite the huge equity market rally.
The Growth of Private Equity Secondaries
(20:49) During the Global Financial Crisis, the Secondaries market created opportunities as a means to gain liquidity in times of duress, but is that the same case today as a result of COVID-19?
Geopolitical and trade tensions may fragment the 5G supply chain, but while that could make the theme more complex to navigate, it is unlikely to diminish its importance.
Neuberger Berman Fixed Income: Company Leadership during COVID-19
Assessing Company Leadership during COVID-19 with Active ESG Engagement
A Very Bond-Friendly Crisis
We believe the COVID-19 crisis and the response from governments and central banks creates an unusually favorable macro environment for credit.
A Moment of Solidarity for Europe
There is still much work to do, but the Franco-German-led EU Recovery Fund is potentially a very big deal for Europe.
Past Performance Is Not a Guarantee of Future Results
When the world is changing so rapidly and profoundly, how can we trust the underlying data used in our investment models?
Digital Drivers of Real Estate Opportunity
Shifts in technology are contributing to a new landscape in the listed real estate universe.
Not Out of the Woods
The discipline of scenario planning helps us focus on what has been achieved, rather than what we hope will be achieved.
Special Update: At the Peak of the Curve
After an apparently strong and rapid equity market rally in April, Neuberger Berman’s AAC reconvenes to reassess its views.
The Stock Market Is Not the Economy
COVID-19 has damaged a lot of things, including the link between the S&P 500 and the U.S. economy.
Empty Malls and Conference Calls
The COVID-19 crisis has been tough on REITs in general—but some sectors have been resilient, and may offer a glimpse into the future of the asset class.
Real Estate Investing in the Digital Age
(18:52) In the last decade, we have seen that Real Estate investing has been impacted from the demand of cloud computing and 5G connectivity. With the added element of COVID-19, how could it shape the current REITS landscape?
The New ‘Fusion’
As the physical and digital worlds merge, companies, investors and society will need to adapt.
Canary in the Coal Mine
The credit market has lagged while equities have rallied—is it warning investors not to get carried away?
The TALF 2.0 Opportunity in Asset Backed Securities
During the 2008 – 10 financial crisis, the Federal Reserve’s Term Asset Backed Securities Loan Facility (TALF) enabled double-digit returns from high-rated ABS. What are the prospects under TALF 2.0, part of the Fed’s COVID-19 response?
Amid unprecedented market dislocations and uncertainty, preparing playbooks for a range of outcomes can help us stay nimble and adaptive.
Opportunity in Credit
The Global Fixed Income team sees potential in credit spreads, with an initial focus on quality.
A Playbook for the Recovery
We’ve been refining our outlook for the COVID-19 crisis and recovery—and it emphasizes patience and caution about the equity market rally.
Protective and Proactive
Liquid alternatives and private market investors are proving their worth during the current turmoil.
The Health Care Sector through a COVID-19 Lens
(17:55) On Thursday, April 2, Senior Health Care Analyst, Terri Towers, spoke with us to discuss her views on the implications of COVID-19 on the health care sector.
In the News: Charles Kantor featured on Bloomberg US Markets
Charles Kantor, Senior Portfolio Manager, The Kantor Group recently appeared on Bloomberg US Markets to discuss the current volatility in the equity markets and why he believes companies with solid balance sheets and business models will likely prevail during this period of uncertainty. Charles also shared his thoughts on why he believes this is different than the Global Financial Crisis of 2008.
A Tale of Two Markets
March was the worst of times for financial markets, and yet the best of times for primary issuance of investment grade credit.
China was the first economy to be struck down by COVID-19, but that means it is the first to recover—and its onshore bond and equity markets may be a good place to get exposure.
Should investors consider loading up on the riskiest assets when markets begin to stabilize? After a valuation adjustment of this magnitude, that probably isn’t necessary. The markets are unlikely to run away from us.
Navigating Volatility in Global Non-Investment Grade Credit Markets
High yield spreads and loan prices appear attractive for long-term investors, in our view.
Audio Insight: The Course of COVID-19
Terri Towers, Senior Healthcare Research Analyst looks at the current progression of the COVID-19 pandemic as well as her views on inflection points and treatment timelines.
Have We Reached Herd Immunity?
Understanding the trajectory of the Coronavirus is a core aspect of seeking to control the outbreak, and is also highly relevant to the task of investors as they look to position themselves effectively in current market volatility. Our Chief Data Scientist explains what the data is saying about the spread of COVID-19.
After a big sell-off, many fear missing the rebound—but we expect more volatility and think the time for opportunism will come later.
Four Things to Remember in a Market Downturn
Volatility, diversification and the merits of long-term investing
Shock and Awe
Does this week’s multitrillion-dollar shot in the arm vaccinate the economy against the worst impact of COVID-19?
High Drama in High Yield
Coronavirus and the OPEC price war combine for a one-two punch to high yield markets.
Update on Global Non-Investment Grade Credit Markets
We unpack the short-term and long-term, transitory and permanent impacts of recent news on the high yield and loan markets.
Prepare for the Long Haul
Why the major uncertainties twisting markets out of shape today are likely to persist for months.
Coronavirus: A Moving Target
If you haven’t reduced risk, it’s probably not too late to do so; if you are already conservatively positioned, it may be too early to buy the dips.