“We might have a recession in ’23. But it’s not going to be a doozy like we’ve seen sometimes in the past,” he said.
“When we talk to financial advisors, what we try to say is pick your spots. You don’t have to chase it on the upside — wait for a pullback,” he added.
“We’re not in this straight-up bull market. So make sure you have some quality in the portfolio but also some economic sensitivity for the other end of it.”
“People are looking past the slowdown,” he said. “I’m not sure we’re not going to have tests of that over time.”
“What the Fed has done is the fastest pace of rate increases in history with a lag in terms of impact,” he added. “We’re not going to know what the Fed has done and how it impacts the economy until into the first half of next year.”
