Resilient market or complacent market?

As Lizzie told Charles Payne on Fox Business News this afternoon, we are perhaps in one of the most resilient bull markets in recent history.  It’s shocking how much the market has shrugged off the recent major geopolitical risks (e.g., Israel/Iran conflict) and economic risks (i.e., longshoreman strike at East and Gulf Coast ports).

If these risks escalate and lead to a short-term pull back in the equity market, then we would view it as a buying opportunity given the long-term setup (i.e., healthy economic growth, low inflation, start of interest rate cutting cycle).