Given the increase in market volatility over recent weeks, we thought it would be helpful to provide insight about the source of this market volatility, the potential duration and depth of the correction, and how investors can take advantage.

There are a few key messages from the video and slides we present below:

• We expect to remain in a volatile, choppy environment in the near term, with volatility a normal feature of equity investing.
• We see potential for a short-term bounce in equity markets, but do not expect a “V-shaped” recovery. Instead, we see potential for the bounce to be short-lived and for volatility to persist, even resulting in a “lower low”. Our outlook for equities in 2025 is a low-return, wide, choppy range.
• However, even if this is not the ultimate low in this correction, for long-term investors who are underweight equities, we see today’s weakness as buyable given that forward returns for equities improve materially after the magnitude of correction that we have already experienced.
• We continue to view volatility as an opportunity to increase the quality of portfolios and take advantage of indiscriminate selling. This volatility also highlights the benefits of and need for portfolio diversification in other asset classes like alternatives, which includes volatility strategies and uncorrelated strategies.
• Always remember: “When it comes time to buy, you won’t want to” – Walter Deemer.

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