Navigating Market Volatility with a Long-Term Perspective: Resilience, Opportunity, and Investment Strategies

Anytime there’s a market shock, you look and say, has something fundamentally changed? And I think the key is to take a little bit of a longer-term perspective. Markets are like a speedboat, zigging and zagging. You guys know this better than anybody. The economy itself is more like a supertanker, moving more slowly. And when we look back to my earlier comments, there’s been pretty good resilience, but it’s slowing. And there was nothing that we see that’s fundamentally out of balance. And I do think as this slowdown continues, it gives the Fed room to cut, to hopefully soften this blow. And so, no, we didn’t come back and say we’re materially more nervous. In fact, what we’d say is maybe this creates a little more opportunity to invest. And it’s when you invest away from consensus when you generate the best returns. We said at the beginning of the year on our January call, we thought real estate values were bottoming. That was very much out of consensus. That’s turned out, I think, to be a pretty good call.