Learn the key differences between bear and bull markets, how corrections fit in, and how investors can prepare for changing market cycles.

Discover why market volatility isn’t unprecedented and why disciplined, long-term strategies outperform market timing.

Discover the types of bear markets, why recent volatility may not be as alarming as headlines suggest, and reasons for long-term investor optimism.

Executive Summary While interest rates have stabilized for now, inflation remains elevated, and uncertainty remains. The global economy continues to slow, while central banks worldwide attempt to rein in inflation. As near-term risks remain elevated, we believe recession risk remains moderate, and investors should refrain from making rash investment timing decisions.

The Tug-of-War Between the Bulls and the Bears Continues Editor’s Note: The following section was written on April 30, 2020.

COVID-19 sparked an event-driven bear market, but smart investors can find opportunity through rebalancing, tax strategies, and long-term perspective.