The best way to play it is to stay nimble, stay very well diversified, and buckle up because the high volatility regime is likely to continue.

We haven't been making big moves. We haven't pulled the rip cord. If anything, we're looking for opportunities to add to positions.

The bond market isn't a believer. We haven't seen anywhere near as much move there on the news this morning. The volatility story is way more significant than what we're seeing in equities.

The backdrop for bonds has gotten more attractive, just from a relative valuation standpoint versus equity. I do think there are some opportunities to pick spots carefully.

We are not a believer that a recession is looming large here.

We are overweight exposure, tactically speaking, in the Mag7 and AI-related automation robotic-related plays. I think that will continue to be a really bright spot.