Let's get more on the market and how to manage all of this.
James Abate is managing director and chief investment officer at center asset management.
I mean, here is my really dumb question.
Do you sell and or is there a level to buy?
I don't know a more sophisticated question than that.
I don't know if it's a level.
Let's think about what markets are doing with us today, but let's look back at Friday.
The selling on Friday was just indiscriminate.
We had the highest volume date ever on US trading.
I mean, ETF volume accounted for about 40% of the volume,
which indicates there was a rush to either hedge or do lever positions.
And I think one of the things that was telling to us is that even the safe havens like consumer staples,
health care, utilities, even domestic infrastructure stocks participated fully in the drawdown.
I told us that even for the short term,
maybe we might see some stabilization or a vicious counter-trend rally like we're seeing this morning.
The bottom line for us is this is a terrific opportunity for true active management
because we think we're on the cusp of a potential market leadership pivot.
We've been in an environment for the last two years where it's been the MAG7 being the only source of returns leading to some extreme concentration.
In fact,
we saw a lot of large cap core mutual funds have to change your investment policies to become non-diversified funds because of the top heavy buys of the benchmark.