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The Stock Market Selloff: Morton's Perspective
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On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Managing Director of Investments Sasan Faiz to discuss the global stock market selloff.
Here are some key takeaways from their conversation:
- Tech stocks’ valuations were high due to AI excitement and hype, but recent corrections highlight the importance of true diversification.
- The ISM Manufacturing Index indicates a recession in the manufacturing sector, though consumer spending, a major economic driver, remains relatively strong.
- Indicators of financial stress among consumers include low savings rates and rising credit card balances, with unemployment slightly increasing to 4.2%.
- The Nikkei (a stock market index for the Tokyo Stock Exchange) saw significant drops due to the carry trade’s impact and the Bank of Japan’s interest rate changes.
- Chris and Sasan agree investors and consumers should be aware of the ongoing volatility but avoid panicking. Market corrections are necessary for long-term market health, and these volatile times are not unprecedented or insurmountable. It is important to diversify your portfolio beyond traditional stock and bonds to build resilience, and Morton has been preparing for such volatility accordingly.
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