Michael Kelly, global head of multi-asset at PineBridge Investments, says he expects the market 'to reverse the gains we have had year to date' and suggests investors will be better off in cash riding out the downturn, which he thinks will be stubborn and persistent even if the downdraft is not exceptionally steep. In the Market Call, Nancy Prial, co-chief executive officer at Essex Investment Management, says that small-cap stocks are already discounting a recession, setting up 'a generational opportunity' for smaller companies to play catch up and outperform over the next two to five years. Plus, Tom Lydon, vice chairman at VettaFi, heads to China with his pick for the ETF of the Week.
Money Life with Chuck Jaffe