No doubt there'll be lots coming your way herein, as I absorb the latest macro news/data.
In the meantime, I want to touch again on the "time to buy?" question.
A few clients, not a mob, here and there continue to pop in with the "is it a good time to buy" question. I presume that if a few are reaching out, still more are at least wondering.
Here's my reply to one just a few minutes ago:
"Maybe... It'll sure look like it when we get big rallies, which we always do during bear markets... But we're definitely in a bear market. We need to let this play out a bit before we go wading in. That said, we have done a little tweaking where I see opportunities... but it's rotating from one thing to another, as opposed to going in with new cash."For a more in depth perspective on that question, here's the link to a note from last Friday.
Here's a snippet (be sure to read in its entirety in case you missed it):
Another phenomenon that is all too familiar, relative to early-stage bear markets (if indeed that's what this turns out to be) is the unusual number of folks currently reaching out to me, offering to bring me new cash to buy with, or inquiring as to whether we should put some of the existing cash in their portfolios to work.
I totally get the sentiment, and, frankly, as Treasury Secretary Mnuchin proclaimed this morning, this very well may be a great buying opportunity, "just like the 1987 crash."
From my vantage point, however, no -- other than perhaps rotating modestly (and incrementally) to infrastructure-esque sectors, which we're contemplating -- I'm not the least bit itching to put available capital to work at this point; while fully expecting to see huge counter-trend rallies as we sit on our hands.
And here's our video from Saturday titled "Should We Buy The Dip."