Thoughtful Money with Adam Taggart A Market "Retrenchment" Ahead Looks Likely | Jonathan Wellum
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Mar 22, 2026 Jonathan Wellum, founder and CEO of Rocklinc Investment Partners and Canadian financial advisor, discusses rising oil and energy costs and how they raise the odds of a market retrenchment. He covers market narrowness, recession and stagflation risks, geopolitical decoupling and resource shifts, and practical positioning like cash, duration, and precious metals exposure.
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Reassess Holdings Against Original Thesis
- Revisit your original investment thesis for each holding and only hold assets whose fundamentals remain intact.
- Use volatility to dollar cost average into positions you still believe in and avoid buying high and selling low.
Build Portfolios With Liquidity And Sell Discipline
- Prepare clients for large drawdowns by building portfolios with non-volatile assets for short-term needs and a clear sell discipline.
- Trim profit-heavy sectors (e.g., precious metals after big runs) and reallocate to maintain balanced risk.
Fundamentals Trump Technicals Amid Multiple Headwinds
- Jonathan prioritizes fundamental, bottoms-up value analysis over technicals but acknowledges fundamentals point toward downside risk.
- He cites energy cost inflation, geopolitical disruption, private credit gating, and high leverage as combined recessionary pressures.
