Commercial Banking

From startups to legacy brands, you're making your mark. We're here to help.

Innovation Economy
Fueling the success of early-stage startups, venture-backed and high-growth companies.
Midsize Businesses
Keep your company growing with custom banking solutions for middle market businesses and specialized industries.
Large Corporations
Innovative banking solutions tailored to corporations and specialized industries.
Commercial Real Estate
Capitalize on opportunities and prepare for challenges throughout the real estate cycle.
Community Impact Banking
When our communities succeed, we all succeed. Local businesses, organizations and community institutions need capital, expertise and connections to thrive.
International Banking
Power your business' global growth and operations at every stage.

Key Links

Credit and Financing

Prepare for future growth with customized loan services, succession planning and capital for business equipment.

Asset Based Lending
Enhance your liquidity and gain the flexibility to capitalize on growth opportunities.
Equipment Financing
Maximize working capital with flexible equipment and technology financing.
Trade & working capital
Experience our market-leading supply chain finance solutions that help buyers and suppliers meet their working capital, risk mitigation and cash flow objectives.
Syndicated Financing
Leverage customized loan syndication services from a dedicated resource.
Commercial Real Estate
Capitalize on opportunities and prepare for challenges throughout the real estate cycle.
Employee Stock Ownership Plans
Plan for your business’s future—and your employees’ futures too—with objective advice and financing.

Key Links

Institutional Investing

Serving the world's largest corporate clients and institutional investors, we support the entire investment cycle with market-leading research, analytics, execution and investor services.

Institutional Investors
We put our long-tenured investment teams on the line to earn the trust of institutional investors.
Markets
Offering market-leading research, proprietary pricing data and analytics, and trade execution across multiple asset classes, including credit, equities and FX.
Prime Services
Helping hedge funds, asset managers and institutional investors meet the demands of a rapidly evolving market.
Global Research
Leveraging cutting-edge technology and innovative tools to bring clients industry-leading analysis and investment advice.
Securities Services
Helping institutional investors, traditional and alternative asset and fund managers, broker dealers and equity issuers meet the demands of changing markets.

Key Links

Investment Banking

Providing investment banking solutions, including mergers and acquisitions, capital raising and risk management, for a broad range of corporations, institutions and governments.

Center for Carbon Transition
J.P. Morgan’s center of excellence that provides clients the data and firmwide expertise needed to navigate the challenges of transitioning to a low-carbon future.
Corporate Finance Advisory
Corporate Finance Advisory (“CFA”) is a global, multi-disciplinary solutions team specializing in structured M&A and capital markets. Learn more.
Development Finance Institution
Financing opportunities with anticipated development impact in emerging economies.
Sustainable Solutions
Offering ESG-related advisory and coordinating the firm's EMEA coverage of clients in emerging green economy sectors.
Mergers and Acquisitions
Bespoke M&A solutions on a global scale.

Key Links

Private Bank

A uniquely elevated private banking experience shaped around you.

Banking
We have extensive personal and business banking resources that are fine-tuned to your specific needs.
Investing
We deliver tailored investing guidance and access to unique investment opportunities from world-class specialists.
Lending
We take a strategic approach to lending, working with you to craft the fight financing solutions matched to your goals.
Planning
No matter where you are in your life, or how complex your needs might be, we’re ready to provide a tailored approach to helping your reach your goals.

Wealth Management

Whether you want to invest on your own or work with an advisor to design a personalized investment strategy, we have opportunities for every investor.

Invest on your own
Unlimited $0 commission-free online stock, ETF and options trades with access to powerful tools to research, trade and manage your investments.
Work with our advisors
When you work with our advisors, you'll get a personalized financial strategy and investment portfolio built around your unique goals-backed by our industry-leading expertise.
Expertise for substantial wealth
Our Wealth Advisors & Wealth Partners leverage their experience and robust firm resources to deliver highly-personalized, comprehensive solutions across Banking, Lending, Investing, and Wealth Planning.

Key Links

About Us

We aim to be the most respected financial services firm in the world, serving corporations and individuals in more than 100 countries.

Key Links

Outlook

5 ideas to drive your portfolio through recession obsession

June 09, 2023

A recession may be coming, but it doesn’t mean your portfolio has to suffer. We take a look at the latest events for cues on how to position.

Red car moving on a winding coastal road approaching a beautiful beach with sea waves and blue water. Green forest and rocks for a perfect summer destination. Aerial view.

By Madison Faller

Global Investment Strategist

By Elyse Ausenbaugh

Global Investment Strategist

By Madison Faller , Elyse Ausenbaugh

Our Top Market Takeaways for June 9, 2023

Market spotlight: 5 ideas to drive your portfolio through recession obsession

Our 2023 Mid-Year Outlook: The Recession Obsession is hot off the press.

Obsession around a potential recession has been real, and there’s no doubt that headlines will continue to swirl into year-end – whether about central bank dynamics, inflation, fallout in labor markets or [insert worry here]. But, despite all the angst, we see promise for investors. Our Outlook centers on five key ideas to navigate what feels like one of the most well-telegraphed recessions ever.

In today’s note, we pull out some highlights.

Key Idea 1: Rebuild your equity portfolio now for the next bull market.

It might not be all smooth sailing (we expect volatility ahead), but we think the worst is over for stocks. The S&P 500 is now 20% higher from its October lows, almost eight months ago! When stocks have rebounded that much from their nadir in the past, it’s boded well for future returns. In the last 11 bear markets, after stocks rallied back 20%, the S&P was up on average another +22% over the next year.

The table describes the U.S. bear markets (S&P 500 Index) in history.

For the first bear market:

Type: Event-driven
Description: Suez Canal Crisis
Start (Prior High): Aug ’56
End (Trough): Oct ’57
Drawdown: -22%
Date of +20% rally from trough: July 25, ’58
12-month return after +20% rally: 27%
Recession?: Yes

For the second bear market

Type: Event-driven
Description: Flash Crash of 1962
Start (Prior High): Dec’61
End (Trough): Jun’62
Drawdown: -28%
Date of +20% rally from trough: Dec 5, ’62
12-month return after +20% rally: 18%
Recession?: No

For the third bear market

Type: Event-driven
Description: 1966 Financial Crisis
Start (Prior High): Feb’66
End (Trough): Oct’66
Drawdown: -22%
Date of +20% rally from trough: Feb 14,’67
12-month return after +20% rally: 2%
Recession?: No

For the fourth bear market

Type: Cyclical
Description: Tech Crash of 1970
Start (Prior High): Nov’68
End (Trough): May’70
Drawdown: -36%
Date of +20% rally from trough: Sep 24’70
12-month return after +20% rally: 17%
Recession?- Yes

For the fifth bear market

Type: Structural
Description: Stagflation – OPEC Oil Embargo
Start (Prior High): Jan '73
End (Trough): Oct '74
Drawdown: -48%
Date of +20% rally from trough: Nov 5, '74
12-month return after +20% rally: 19%
Recession?: Yes

For the sixth bear market

Type: Cyclical
Description: Volcker Tightening
Start (Prior High): Nov '80
End (Trough): Aug ‘82
Drawdown: -27%
Date of +20% rally from trough: Sep 14, '82
12-month return after +20% rally: 34%
Recession?: Yes

For the seventh bear market

Type: Event-driven
Description: 1987 Crash
Start (Prior High): Aug '87
End (Trough): Dec '87
Drawdown: -34%
Date of +20% rally from trough: Mar 8, '88
12-month return after +20% rally: 9%
Recession?: No

For the eighth bear market

Type: Cyclical
Description: Early 1990s Recession
Start (Prior High): Jul '90
End (Trough): Oct '90
Drawdown: -20%
Date of +20% rally from trough: Feb 6,'91
12-month return after +20% rally: 16%
Recession?: Yes

For the ninth bear market

Type: Structural
Description: Tech Bubble
Start (Prior High): Mar '00
End (Trough): Oct '02
Drawdown: -49%
Date of +20% rally from trough: Nov 21, '02
12-month return after +20% rally: 11%
Recession?: Yes

For the tenth bear market

Type: Structural
Description: Global Financial Crisis
Start (Prior High): Oct '07
End (Trough): Mar '09
Drawdown: -57%
Date of +20% rally from trough: Jan 19, '09
12-month return after +20% rally: 20%
Recession?: Yes

For the eleventh bear market

Type: Event-driven
Description: COVID-19
Start (Prior High): Feb '20
End (Trough): Mar '20
Drawdown: -34%
Date of +20% rally from trough: Apr 8, '20
12-month return after +20% rally: 49%
Recession?: Yes

For the twelfth bear market

Type: Cyclical
Description: Central Bank Tightening
Start (Prior High): Jan '22
End (Trough): Oct '22
Drawdown: -24%
Date of +20% rally from trough: Jun 8, '23
12-month return after +20% rally: ?
Recession?: ?

At the bottom of the table, it provides the average number for 12-month return after +20% rally across the first 11 bear markets, which is 22%.

But while stocks are up and the slide in earnings has been far better-than-feared, many investors have been reticent to jump back in. Our clients have been net buyers of equities in just seven of the 30 weeks since the market bottomed in October. That’s left the majority with a lower allocation to equities today than they did a year ago.

Yet, stocks are the engines of capital appreciation in portfolios, and our Long-Term Capital Market Assumptions estimate equities will average returns of 7.5 – 10% per year over the next 10–15 years (depending on the region), handily outpacing expected annual U.S. inflation of 2.6%. When investors are fearful and markets dip, that’s often the time to pounce and use volatility to rebuild positions.

Key Idea 2: You probably stay too close to home with your investments.

Half of our U.S. clients are materially underweight Europe, and two-thirds have little to no exposure to China. That may have been a good bet in years’ past, but such positioning could leave investors wrong-footed as the tide turns.

Europe defied expectations for a recession last winter, and stocks rallied in thanks. Still, Europe trades at a significant discount to the U.S. Even if you strip out U.S. mega cap tech, European stocks are at a 16% discount to the U.S. – wider than the 10-year average of -8%. On top of valuation tailwinds, add continued economic and earnings resilience and a weaker dollar, and we still think the Europe rally has legs – even if that pace of outperformance tempers.

On the other hand, geopolitics and a mixed reopening recovery have made China a tough call. But, that also means valuations are even more reasonable today. Economic policy is supportive (net new credit growth is once more on the rise), and a steady release of pent-up consumer savings should help support a durable recovery (despite it likely moderating from here). We think all of that could propel markets in the second half of the year.

Key Idea 3: Manage your concentrated positions.

The market swings of the last few years serve as a warning against putting all your eggs in one basket. While the broader Russell 3000 is just -12% off its 2021 highs as of yesterday’s close, one out of every four stocks in the index is down more than 75%. So while concentrated stock positions can create substantial wealth, they also come with a high probability of dramatic losses that can potentially derail the financial future you had envisioned for you and your family – especially during times of volatility.

Hindsight is 20/20. History suggests the risks of investing in a “losing” company are high, with most causes of catastrophic losses only obvious after the fact or outside of management’s control: government policy changes, regulation, commodity price risks, foreign competition, technological innovation, fraud or changes in consumer behavior. We’ve seen this play out again and again over history. The good news is that there are a number of ways you can manage the risk.

Key Idea 4: You may hold too much cash and not enough bonds.

Disinflationary forces are brewing. Used car prices, one of the OG villains in the inflation epic, can now be used as an example of forces pulling inflation lower. The Manheim Used Vehicle Index fell -2.7% last month, following a -3.1% decline in April. On a year-over-year basis, prices are down -7.6%.

Companies are also noting the shift, like Campbell’s Soup this week remarking that consumers aren’t buying as much soup at these higher prices. Meanwhile, most commodity prices have deflated well off their cycle highs, whether we’re talking about coffee (-20%), European natural gas (-90%), steel (-52%) or cotton (-47%).

Obviously, central banks don’t think that our inflation problem is over yet, but seeing prices cool across both discretionary and non-discretionary items is encouraging. We don’t think it will take many more hikes for the Fed to finish its part (perhaps just one more this summer), which means risk-free yields are likely at or near their peak for this cycle.

Given that approximately 25% of our clients’ investable assets are being held in cash or cash-like instruments right now, reinvestment risk should be top of mind. Now is the time to extend duration and lock in elevated yields for longer.

Key Idea 5: Know the risks – and opportunities – in regional U.S. banks and real estate.

While the most acute banking stress seems to have subsided, the flow of credit is slowly drying up – 46% of U.S. banks are now tightening lending standards, reticent to take more risk on their books.

But, companies still need access to credit, prompting many to turn to private lenders for their borrowing needs. That means private credit markets are able to fill a void, and earn a good premium: With rates higher and credit spreads wider, new loans in the private credit market are originating at much wider spreads – around 300 basis points wider than public market pricing.

What’s more, as default rates start to rise, opportunistic and distressed credit managers can sift through the damage and pick up quality assets at a discount.

That’s all to say, there may yet be ripple effects, but risks around banks and real estate can also bring opportunities – if you know where to look.

BONUS: Follow the dollars.

Presidential campaign announcements are popping up left and right, and eventually they’ll bring policy proposals with ambitious goals for the future. Instead of taking the debate bait about which ones could work, steer towards what’s already been passed: The 2021 Infrastructure Investment and Jobs Act (IIJA), the 2022 Inflation Reduction Act (IRA) and the 2022 CHIPS and Science Act (CHIPS) present an estimated combined $2.4 trillion in public and private spending over the next 10 years.

Together, the three bills compose the largest commitment to industrial policy in the United States since the Cold War – with cascading macroeconomic effects. That also supports our view that in the new emerging market cycle, “real economy” stocks should outperform the growth stocks that dominated the 2010s.

For more, dig into our 2023 Mid-Year Outlook: The Recession Obsession. All market data from FactSet and Bloomberg Finance L.P., 6/8/23

Disclosures

All market and economic data as of June 9, 2023 and sourced from Bloomberg and FactSet unless otherwise stated.

All companies referenced are shown for illustrative purposes only, and are not intended as a recommendation or endorsement by J.P. Morgan in this context.

Small capitalization companies typically carry more risk than well-established "blue-chip" companies since smaller companies can carry a higher degree of market volatility than most large cap and/or blue-chip companies.

International investments may not be suitable for all investors. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Some overseas markets may not be as politically and economically stable as the United States and other nations. Investments in international markets can be more volatile.

Diversification does not ensure a profit or protect against loss.

The Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The Bloomberg Eco Surprise Index shows the degree to which economic analysts under- or over-estimate the trends in the business cycle. The surprise element is defined as the percentage difference between analyst forecasts and the published value of economic data releases.

The NASDAQ 100 Index is a basket of the 100 largest, most actively traded U.S companies listed on the NASDAQ stock exchange. The index includes companies from various industries except for the financial industry, like commercial and investment banks. These non-financial sectors include retail, biotechnology, industrial, technology, health care, and others.

The MSCI World Index is a broad global developed markets equity benchmark designed to support: Asset allocation: Consistent, broad representation of the performance of developed equity markets worldwide, without home bias.

The Bloomberg Aggregate Bond Index or "the Agg" is a broad-based fixed-income index used by bond traders and the managers of mutual funds and exchange-traded funds (ETFs) as a benchmark to measure their relative performance.

The NYSE FANG+ Index is an equal-dollar weighted index designed to represent a segment of the technology and consumer discretionary sectors consisting of highly-traded growth stocks of technology and tech-enabled companies such as Facebook, Apple, Amazon, Netflix, and Alphabet's Google.

We believe the information contained in this material to be reliable but do not warrant its accuracy or completeness. Opinions, estimates, and investment strategies and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice.

RISK CONSIDERATIONS

Past performance is not indicative of future results. You may not invest directly in an index.
Investing in fixed income products is subject to certain risks, including interest rate, credit, inflation, call, prepayment and reinvestment risk. Any fixed income security sold or redeemed prior to maturity may be subject to substantial gain or loss.
The price of equity securities may rise or fall due to the changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Equity securities are subject to 'stock market risk' meaning that stock prices in general may decline over short or extended periods of time.
The prices and rates of return are indicative, as they may vary over Time based on market conditions.
As a reminder, hedge funds (or funds of hedge funds) often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. These investments can be highly illiquid, and are not required to provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays in distributing important tax information. These investments are not subject to the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any such fund. For complete information, please refer to the applicable offering memorandum.
Structured products involve derivatives and risks that may not be suitable for all investors. The most common risks include, but are not limited to, risk of adverse or unanticipated market developments, issuer credit quality risk, risk of lack of uniform standard pricing, risk of adverse events involving any underlying reference obligations, risk of high volatility, risk of illiquidity/little to no secondary market, and conflicts of interest. Before investing in a structured product, investors should review the accompanying offering document, prospectus or prospectus supplement to understand the actual terms and key risks associated with the each individual structured product. Any payments on a structured product are subject to the credit risk of the issuer and/or guarantor. Investors may lose their entire investment, i.e., incur an unlimited loss. The risks listed above are not complete. For a more comprehensive list of the risks involved with this particular product, please speak to your J.P. Morgan team.
Additional risk considerations exist for all strategies.
The information provided herein is not intended as a recommendation of or an offer or solicitation to purchase or sell any investment product or service.
Structured products are complex debt obligations of a corporate issuer the return of which is linked to the performance of an underlying asset. They are significantly riskier than conventional debt instruments and may not be suitable for all investors.
Investment in alternative investment strategies is speculative, often involves a greater degree of risk than traditional investments including limited liquidity and limited transparency, among other factors and should only be considered by sophisticated investors with the financial capability to accept the loss of all or part of the assets devoted to such strategies.
Opinions expressed herein may differ from the opinions expressed by other areas of J.P. Morgan. This material should not be regarded as investment research or a J.P. Morgan investment research report.

IMPORTANT INFORMATION

All companies referenced are shown for illustrative purposes only, and are not intended as a recommendation or endorsement by J.P. Morgan in this context.

Bonds are subject to interest rate risk, credit and default risk of the issuer. Bond prices generally fall when interest rates rise. Investing in fixed income products is subject to certain risks, including interest rate, credit, inflation, call, prepayment and reinvestment risk. Any fixed income security sold or redeemed prior to maturity may be subject to substantial gain or loss.

This material is for information purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). The views and strategies described in the material may not be suitable for all investors and are subject to investment risks. Please read all Important Information.

The Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

GENERAL RISKS & CONSIDERATIONS. Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

NON-RELIANCE. Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

LEGAL ENTITY, BRAND & REGULATORY INFORMATION

In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

LEARN MORE ABOUT OUR FIRM AND INVESTMENT PROFESSIONALS AT FINRA BROKERCHECK.

To learn more about J.P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our J.P. Morgan Securities LLC Form CRS (PDF) and Guide to Investment Services and Brokerage Products.

This website is for informational purposes only, and not an offer, recommendation or solicitation of any product, strategy service or transaction. Any views, strategies or products discussed on this site may not be appropriate or suitable for all individuals and are subject to risks. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor's own situation.

This website provides information about the brokerage and investment advisory services provided by J.P. Morgan Securities LLC (JPMS). When JPMS acts as a broker-dealer, a client's relationship with us and our duties to the client will be different in some important ways than a client's relationship with us and our duties to the client when we are acting as an investment advisor. A client should carefully read the agreements and disclosures received (including our Form ADV disclosure brochure, if and when applicable) in connection with our provision of services for important information about the capacity in which we will be acting.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA, and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Investments in alternative investment strategies is speculative, often involves a greater degree of risk than traditional investments including limited liquidity and limited transparency, among other factors and should only be considered by sophisticated investors with the financial capability to accept the loss of all or part of the assets devoted to such strategies.

Borrowing with securities as collateral involves certain risks, including the possibility that you may need to deposit additional securities and/or cash in the account to meet a maintenance call, and that securities in the account may be sold to meet the maintenance call. Proper management of your account and a thorough understanding of the conditions that may affect your investments will assist you in effectively using the margin lending program.

Please read additional Important Information in conjunction with these pages.

Market spotlight: 5 ideas to drive your portfolio through recession obsession

Key Idea 1: Rebuild your equity portfolio now for the next bull market.

Key Idea 2: You probably stay too close to home with your investments.

Key Idea 3: Manage your concentrated positions.

Key Idea 4: You may hold too much cash and not enough bonds.

Key Idea 5: Know the risks – and opportunities – in regional U.S. banks and real estate.

BONUS: Follow the dollars.

Disclosures

All market and economic data as of June 9, 2023 and sourced from Bloomberg and FactSet unless otherwise stated.

SHOW MORE

Related insights