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What Type of Fund might survive or thrive in this unprecedented environment?
With both tariffs and the deficit likely to be at historically high levels is any asset class a safe haven? For this discussion we can leave politics out and just focus on what seems to be a highly unusual climate.
I vote for utilities. Everyone needs the lights and a/c on!! They tend to be a safer harbor when everything else is going nuts. I own a good chunk of FIUIX ,RSPU, and XLU.
I kind of like some absolute return and market neutral funds. My favorites, which are EGRIX, BDMAX, and QMNNX keep chugging along. They have done well this year during an uncertain environment.
Hasn’t been as bad a year as the headlines and talking heads on Bloomberg, etc. might lead one to believe. I posted elsewhere that both DODWX and DODFX are up double digit year to date. So is GLFOX which invests in infrastructure, mostly in Europe. The real assets category which usually includes commodities, energy, AG, real estate is also having a respectable year.
But how about less risky “run-of-the-mill” balanced / tactical allocation funds? I ran a few calculations factoring in the return YTD (M*) which represents 144 days thru Friday and projecting out what that rate of return would produce through an entire year. (No guarantees of course).
The first one, PRWCX, isn’t open to new investors, but is always interesting to watch.
PRWCX YTD: +1.91% .. Projected a full year = +4.85% LCORX YTD: +2.84% … Projected a full year = +7.19% DODBX YTD: +4.82% … Projected a full year = +12.25% FKIQX YTD: +1.88% ..… Projected a full year = +4.78% TRRIX YTD +2.55% .. .… Projected a full year = +6.46% AOK YTD +2.45% …..… Projected a full year = +6.20%
Thanks all for sharing your thoughts. My current risk assets are limited to TRIGX,, CGDV and DODLX. All actively managed and not low cost by any standards. It’s not business as usual for me,,,
The main concern with doing simple (straight line) extrapolations is that they assume nothing will change. Businesses will ignore increasing uncertainty in the world, both economic and geopolitical. The markets will keep chugging along.
We've already seen that past is not necessarily prologue. This year (YTD), the FTSE Europe Developed Market All Cap Index (VGK) has outperformed the S&P 1500 (ITOT), 20% to -1% (M* charts). But over the past 10 years (through 2024) the US has outperformed foreign markets, both cumulative and on a calendar year basis (except for 2017 and 2022). See Portfolio Visualizer.
Likewise, value (VTV) leading growth (VUG) by 2% this year is a reversal from the previous 10 years (again with 2022 being an exception).
DODWX and DODFX are fine funds in their categories. Disregarding their somewhat superior performance relative to peers YTD (36th percentile and 47th percentile respectively per M*), their solid YTD returns are due largely to their categories (value and 50% or 100% foreign) having done well.
The question remains: even if foreign equities (and value) continue to outperform domestic (and growth) equities, will they continue to have positive returns?
I'm not one to make macro calls. I'm usually strongly inclined to follow the adage: don't just do something, stand there. But even I am looking at the writing on the wall and starting to consider how I would reconstruct my portfolio from scratch if I went substantially to cash now. Fortunately I'm in a position to do that and take the hit (opportunity cost) if I'm wrong and markets go up.
Regarding the "run of the mill" funds:
PRWCX is having one of its poorest performances relative to peers, all the way "down" to the 22nd percentile. Typically growth leaning, it has moved solidly into blend (37% of portfolio is LCBl) suggesting that Giroux also sees the markets moving toward value. (It is also open to investors who have at least $250K total invested at TRP.)
DODBX is having a banner year (4th percentile) relative to peers. Some due to good management & low cost, some due to being very value-oriented. (Allocation funds are not partitioned into value, blend, growth subcategories). Its category average YTD is just 0.73% (M*).
FKIQX likewise may be doing well this year due to its very value leanings. Same category as DODBX.
TRRIX benefits from having over 1/4 of its equity holdings in foreign securities. It is a global moderately conservative allocation fund. Its return is in the middle of its category (47th percentile YTD). Some category peers that have done better YTD, like VGWIX and FAFWX, have value leaning portfolios as contrasted with TRRIX's blend holdings. Again these illustrate the growth-value reversal this year.
Thanks all for sharing your thoughts. My current risk assets are limited to TRIGX,, CGDV and DODLX. All actively managed and not low cost by any standards. It’s not business as usual for me,,,
M* classifies DODLX as a global bond fund (not hedged). It has an ER of 0.45%.
M* shows 10 ETFs in this category. Half (5) have ERs of 0.5% or more. M* lists 147 share classes of OEFs in this category. DODLX has the 6th lowest ER. (The fifth cheapest is DOXLX.) By this metric at least, DODLX looks cheap. Not as cheap as one would hope a bond fund would be, but still low cost for a global bond fund.
”The main concern with doing simple (straight line) extrapolations is that they assume nothing will change.”
Yes. Could have worded my comment better. And nothing ”run of the mill” about the pretty good funds I listed.
”projecting out what that rate of return would produce through an entire year.”
Maybe instead -”representing an annual rate-of-return of roughly … “ ?
I circumvented @LarryB ‘s question which was more along the lines of “What may do well?” rather than ”What has already done well?” Like most here, I don’t make predictions. My four core holdings (15.5% each) are: global infrastructure, real assets, limited-term preferreds and a long-short equity fund. While that may indicate where I’m leaning, it in no way assures where markets will go.
Investment choices should relate to situation and time-horizon … Andrew Marvell might well have been speaking of investing: ”Had we but world enough and time, This coyness, lady, were no crime.”
European stocks have done really well this year. VGK (Europe) returned 17.9% while EZU (Eurozone) returned 22.1%. Stock markets in Poland, Austria, Greece, and Spain generated returns greater than 32%. Returns are as of 5/13/2025.
Fidelity International Value (FIVLX) is a good mix of Japan, UK, Germany, France etc. Fund is up nearly 23% YTD. I will be watching closely when tariffs start kicking in.
I don't want to throw cold water on the European stock picture, but I have to tell you that a couple of weeks ago there was a lengthy and detailed report in The Economist which was very negative on the general business future of Europe vs the U.S.
Perhaps the current enthusiasm about EU stocks is actually just the retail herd chasing each other (as usual) rather than any actual long term merit based on actual growth potential. The Economist viewed Britain and Germany as particularly challenged for a variety of reasons, and of course Portugal, Spain and Italy are pretty much just so-so at best.
I fully appreciate the developing problems here in the US, but hopefully we should look beyond the current administration for the longer term picture.
Anyway, keep your eyes open and be very careful out there. As @hank said in another current thread:
Maybe: “The trend is not your friend.”
Add: I just tried to review back issues of The Economist and I have to tell you that I can't find anything like what I described above. Very frustrating... I know very well that I read that report in full, because I found it to be interesting. If if wasn't The Economist, I have no idea where I might have seen that.
Add to the Add- OK, I finally found the report- it was in the Wall Street Journal- here's a free link-
I don't see The Economist article either. I did a search on all Economist pieces since March 1 containing the word "Europe" (there are 267). The vast majority are under 1,000 words. Several are between 1,000 and 2,000 words in length (typically around 1,200). Only a 8 (3%) are over 2,000 words. Most of those are not on point, the two relevant ones aren't as bleak as you describe:
If it comes to a stand-off, Europe has leverage over America, March 13, 2,688 words.
Almost all the steps it [Europe] could take would be self-harming, even if they inflicted even greater damage on America. For that reason among others, getting European leaders, a fissiparous bunch at the best of times, to agree on a concerted response to American bullying would be a feat. But if they resolved to fight back, they have plenty of ways to do so.
As Donald Trump's trade war heats up, China is surprisingly confident, April 3, 2,632 words.
Your guide to the new anti-immigration argument, March 13, 2,545 words
Emigration from Africa will change the world, April 24, 2,522 words
Would Vladimir Putin attack NATO?, May 8, 2,520 words
Can the world's free-traders withstand Trump's attack?, April 2, 2,496 words
Much may hinge on what Europe does next. The EU and its open-market allies could form a formidable bloc—co-ordinating responses to American tariffs and pulling China in a more free-trading direction.
Aid cannot make poor countries rich, March 6, 2,159 words
Will Jamie Dimon build the first trillion-dollar bank?, May 22, 2,184 words.
Whether it remains true that "when America sneezes the world catches a cold" (cf. Klemens von Metternich referring to France and Europe) remains to be seen.
Still I agree that European stocks may not prove to be the safe refuge people are looking for, having asked: The question remains: ... will they [foreign equities] continue to have positive returns?
Depends on how much, if any, your fund hedges back to the Dollar. But to varying degrees the outperformance this year in European funds is reflective of a weakening Dollar globally. I’m not expecting a reversal of that trend soon, but might be wrong.
larryB, many of us long for the day, but consider Prof. Peter Atwater in 2025, for the first time, states that geographies and leaders (i.e., macropolitics) should be the first priority in investing, displacing the traditional top 3 (valuation, sentiment, management) e.g., even if you believe technicals are your main focus, as a foreign owner of a chinese ADR, can you be confident macro positioning is likely to be one where your interests are the priority of the country and CCP?
i wont go any further into addressing this, but it was not clear you were looking for a multi-asset answer.
Many years ago I looked into ways of investing in currencies when Fidelity (among others) offered currency funds.
Invesco CurrencyShares® ETFs (e.g. FXE, FXF) are one way to play currencies. The YTD gains reported above include both changes in premium (spread of market price over NAV has increased) and interest (these ETFs can pay interest).
From the M* chart for FXE here the YTD figures are:
NAV (representing currency movement less expenses): +9.47% NAVwDivs (representing the above plus interest earned): +10.09% Price (representing NAV gain + increased premium): +9.65% Price+Divs (representing the above plus interest earned): +10.27%
Another way to invest in currency is to open foreign currency accounts at banks. Perhaps the most well known is Everbank. It wasn't competitive when I looked at it years ago and doesn't seem to be competitive now. (It is offering 0.10% APY on a three month Euro CD.) There are other banks that offer foreign currency accounts. The one I remember is Cathay bank.
Dollar weakness seems to be due to worldwide disinvestment in the US attributed to increasing uncertainty in the US generally (regulatory environment, tax regimen, tariffs, etc.). Somewhat counterbalancing this are higher interest rates in the US - the Fed has not reduced rates recently (due to inflation concerns) while other central banks have continued to do so.
The Fed cut its benchmark short-term rate by 1 percentage point in the second half of 2024 ... The European Central Bank, meanwhile, has cut its benchmark rate seven times in the last year by a combined 1.75 percentage points. The Bank of England on Thursday cut its benchmark rate to 4.25% from 4.5%. It was the bank’s fourth cut since last summer.
I kind of like some absolute return and market neutral funds. My favorites, which are EGRIX, BDMAX, and QMNNX keep chugging along. They have done well this year during an uncertain environment.
+1 Add to it QLENX.
Another option is to own the best categories/funds. Europe (VGK) signaled it since 02/2025. https://schrts.co/qqqMxnXW
Thanks all for your thoughts ….. @a2z. Thanks for sharing Prof Atwater. Imagine, macropolitics “should be the first priority in investing…” who woulda thunk it?
I mentioned, above, an interesting report that I read some time ago concerning the possible future of the European economy. I erroneously thought that it had been in The Economist, but it was actually in The Wall Street Journal, and it's main focus was on the poor prognostication for growth in the Tech sectors.
I fully appreciate the developing problems here in the US, but hopefully we should look beyond the current administration for the longer term picture.
@Old_Joe, I hear you. Slow growth has been a persistent issue in EU as the article highlighted the financing challenges, especially high tech startups. European index is trading at a lower multiple reflects lower earnings and slower growth comparing to those in US.
Having said that, the Europe index diverged from S&P 500 considerably due to the depreciating dollar; 20% (unhedged) vs -1%, respectively. Will this trend revert to the mean at the longer timeframe beyond this administration? Honestly, no one really knows.
IAF (Australian Equity Market Index CEF) is up 8+% past month. I bought a bit (2% of portfolio) at an opportune time back in mid-March. What I like is it’s about as far away from Washington DC as you can get.
These are many tempting ideas to read for one who has 95% of his egg in FIGXX earning 4.17%
Normally chasing a few basis points isn't worth the effort, but with 95% in MMFs, you might take a look at VUSXX. Its seven day yield is 4.23%. And last year it was 100% state tax exempt (vs about 1/2 for FIGXX). For someone in a 5% income tax rate state, that would save about 0.20% in taxes vs. 0.10% with FIGXX.
After tax, VUSXX does about 1/6% better. For pocket cash, or even "money awaiting investment", that may not be worth the effort.
It's also relatively accessible. Just a $3K min, and it's available through E*Trade (for those who decline to transact with Vanguard).
Or you could roll short maturity Treasuries. Fidelity reports 3 month Treasuries as yielding 4.32%. (Estimated yield on auction 3-month T-bill is 4.31%.) About the same as VUSXX and you don't have to go to another institution to buy.
I think international ex-USA funds should see more positivity in the future. The only US sector I'm bullish on are utilities.
IMO we are in the early stages of a seismic, but quiet, re-ordering of the global economy over the next 10-15 years. Specifically, I think the world economy and/or money flows will pivot to working WITH (or AROUND) the United States as a partner, not THROUGH the United States as a requirement. Could that become the proverbial 'New World Order'?
The current regime, backed by its complicit Congressional enablers and a history of biparitsan whistling-past-the-gravegard, is showing that America cannot be relied upon anymore as a stable partner in business, economics, markets, defense, etc, etc. Tariff Toddler's on-again, off-again proclaimations are not confidence-building or reassuring other nations, let alone businesses. And then seeing our nation's 'leaders' gleefully adding more to our debt again on the very day our credit rating gets (again) downgraded is just another example of the current folks in DC acting irresponsibly and figuring deep down that the music will never stop.
These are many tempting ideas to read for one who has 95% of his egg in FIGXX earning 4.17%
Normally chasing a few basis points isn't worth the effort, but ... Or you could roll short maturity Treasuries. ... About the same as VUSXX and you don't have to go to another institution to buy.
Thanks v v much. Appreciated and most considerate.
76% of that 95% is in Roths. Our tax situation therefore is meager, chiefly on (meaning AGI chiefly comprises) RMDs plus some CG and divs from a brokerage account. Plus we have some senior prop tax circuitbreaker thing which I no longer understand fully.
Comments
But how about less risky “run-of-the-mill” balanced / tactical allocation funds? I ran a few calculations factoring in the return YTD (M*) which represents 144 days thru Friday and projecting out what that rate of return would produce through an entire year. (No guarantees of course).
The first one, PRWCX, isn’t open to new investors, but is always interesting to watch.
PRWCX YTD: +1.91% .. Projected a full year = +4.85%
LCORX YTD: +2.84% … Projected a full year = +7.19%
DODBX YTD: +4.82% … Projected a full year = +12.25%
FKIQX YTD: +1.88% ..… Projected a full year = +4.78%
TRRIX YTD +2.55% .. .… Projected a full year = +6.46%
AOK YTD +2.45% …..… Projected a full year = +6.20%
We've already seen that past is not necessarily prologue. This year (YTD), the FTSE Europe Developed Market All Cap Index (VGK) has outperformed the S&P 1500 (ITOT), 20% to -1% (M* charts). But over the past 10 years (through 2024) the US has outperformed foreign markets, both cumulative and on a calendar year basis (except for 2017 and 2022). See Portfolio Visualizer.
Likewise, value (VTV) leading growth (VUG) by 2% this year is a reversal from the previous 10 years (again with 2022 being an exception).
DODWX and DODFX are fine funds in their categories. Disregarding their somewhat superior performance relative to peers YTD (36th percentile and 47th percentile respectively per M*), their solid YTD returns are due largely to their categories (value and 50% or 100% foreign) having done well.
The question remains: even if foreign equities (and value) continue to outperform domestic (and growth) equities, will they continue to have positive returns?
I'm not one to make macro calls. I'm usually strongly inclined to follow the adage: don't just do something, stand there
Regarding the "run of the mill" funds:
PRWCX is having one of its poorest performances relative to peers, all the way "down" to the 22nd percentile. Typically growth leaning, it has moved solidly into blend (37% of portfolio is LCBl) suggesting that Giroux also sees the markets moving toward value. (It is also open to investors who have at least $250K total invested at TRP.)
DODBX is having a banner year (4th percentile) relative to peers. Some due to good management & low cost, some due to being very value-oriented. (Allocation funds are not partitioned into value, blend, growth subcategories). Its category average YTD is just 0.73% (M*).
FKIQX likewise may be doing well this year due to its very value leanings. Same category as DODBX.
TRRIX benefits from having over 1/4 of its equity holdings in foreign securities. It is a global moderately conservative allocation fund. Its return is in the middle of its category (47th percentile YTD). Some category peers that have done better YTD, like VGWIX and FAFWX, have value leaning portfolios as contrasted with TRRIX's blend holdings. Again these illustrate the growth-value reversal this year.
I'll leave the remaining two funds to others.
M* shows 10 ETFs in this category. Half (5) have ERs of 0.5% or more. M* lists 147 share classes of OEFs in this category. DODLX has the 6th lowest ER. (The fifth cheapest is DOXLX.) By this metric at least, DODLX looks cheap. Not as cheap as one would hope a bond fund would be, but still low cost for a global bond fund.
Lipper rates it a 4 out of 5 on expense.
Yes. Could have worded my comment better. And nothing ”run of the mill” about the pretty good funds I listed.
”projecting out what that rate of return would produce through an entire year.”Maybe instead -”representing an annual rate-of-return of roughly … “ ?
I circumvented @LarryB ‘s question which was more along the lines of “What may do well?” rather than ”What has already done well?” Like most here, I don’t make predictions. My four core holdings (15.5% each) are: global infrastructure, real assets, limited-term preferreds and a long-short equity fund. While that may indicate where I’m leaning, it in no way assures where markets will go.
Investment choices should relate to situation and time-horizon … Andrew Marvell might well have been speaking of investing: ”Had we but world enough and time, This coyness, lady, were no crime.”
QMNNX - AQR Market Neutral fund has held up very nicely. Up +13.89% YTD.
Now, if only their recent performance was some kind of indicator ("guarantee") of future performance......
VGK (Europe) returned 17.9% while EZU (Eurozone) returned 22.1%.
Stock markets in Poland, Austria, Greece, and Spain generated returns greater than 32%.
Returns are as of 5/13/2025.
https://bilello.blog/wp-content/uploads/2025/05/country-etfs-5-14.png
Perhaps the current enthusiasm about EU stocks is actually just the retail herd chasing each other (as usual) rather than any actual long term merit based on actual growth potential. The Economist viewed Britain and Germany as particularly challenged for a variety of reasons, and of course Portugal, Spain and Italy are pretty much just so-so at best.
I fully appreciate the developing problems here in the US, but hopefully we should look beyond the current administration for the longer term picture.
Anyway, keep your eyes open and be very careful out there. As @hank said in another current thread:
Maybe: “The trend is not your friend.”
Add: I just tried to review back issues of The Economist and I have to tell you that I can't find anything like what I described above. Very frustrating... I know very well that I read that report in full, because I found it to be interesting. If if wasn't The Economist, I have no idea where I might have seen that.
Add to the Add- OK, I finally found the report- it was in the Wall Street Journal-
here's a free link-
- If it comes to a stand-off, Europe has leverage over America, March 13, 2,688 words.
- As Donald Trump's trade war heats up, China is surprisingly confident, April 3, 2,632 words.
- Your guide to the new anti-immigration argument, March 13, 2,545 words
- Emigration from Africa will change the world, April 24, 2,522 words
- Would Vladimir Putin attack NATO?, May 8, 2,520 words
- Can the world's free-traders withstand Trump's attack?, April 2, 2,496 words
- Aid cannot make poor countries rich, March 6, 2,159 words
- Will Jamie Dimon build the first trillion-dollar bank?, May 22, 2,184 words.
Whether it remains true that "when America sneezes the world catches a cold" (cf. Klemens von Metternich referring to France and Europe) remains to be seen.Still I agree that European stocks may not prove to be the safe refuge people are looking for, having asked: The question remains: ... will they [foreign equities] continue to have positive returns?
FXE (Euro) +10.27% YTD (vs Dollar)
FXF (Swiss Franc) +10.47% YTD (vs Dollar)
Depends on how much, if any, your fund hedges back to the Dollar. But to varying degrees the outperformance this year in European funds is reflective of a weakening Dollar globally. I’m not expecting a reversal of that trend soon, but might be wrong.
larryB,
many of us long for the day, but consider Prof. Peter Atwater in 2025, for the first time, states that geographies and leaders (i.e., macropolitics) should be the first priority in investing, displacing the traditional top 3 (valuation, sentiment, management)
e.g., even if you believe technicals are your main focus, as a foreign owner of a chinese ADR, can you be confident macro positioning is likely to be one where your interests are the priority of the country and CCP?
i wont go any further into addressing this, but it was not clear you were looking for a multi-asset answer.
Invesco CurrencyShares® ETFs (e.g. FXE, FXF) are one way to play currencies. The YTD gains reported above include both changes in premium (spread of market price over NAV has increased) and interest (these ETFs can pay interest).
From the M* chart for FXE here the YTD figures are:
NAV (representing currency movement less expenses): +9.47%
NAVwDivs (representing the above plus interest earned): +10.09%
Price (representing NAV gain + increased premium): +9.65%
Price+Divs (representing the above plus interest earned): +10.27%
Thus, interest earned YTD = (10.27% - 9.65%) = (10.09% - 9.47%) = 0.62%.
Compounded to annual yield: 1.0062 ^ (365/144) (days) - 1 = 1.58%
Another way to invest in currency is to open foreign currency accounts at banks. Perhaps the most well known is Everbank. It wasn't competitive when I looked at it years ago and doesn't seem to be competitive now. (It is offering 0.10% APY on a three month Euro CD.) There are other banks that offer foreign currency accounts. The one I remember is Cathay bank.
Dollar weakness seems to be due to worldwide disinvestment in the US attributed to increasing uncertainty in the US generally (regulatory environment, tax regimen, tariffs, etc.). Somewhat counterbalancing this are higher interest rates in the US - the Fed has not reduced rates recently (due to inflation concerns) while other central banks have continued to do so.
WSJ, Why the Fed Isn’t Ready to Join Other Central Banks in Cutting Rates, May 8, 2025.
Add to it QLENX.
Another option is to own the best categories/funds. Europe (VGK) signaled it since 02/2025.
https://schrts.co/qqqMxnXW
Here's a free link-
These are many tempting ideas to read for one who has 95% of his egg in FIGXX earning 4.17%.
https://paulkrugman.substack.com/p/a-conversation-with-barry-ritholtz?utm_source=post-email-title&publication_id=277517&post_id=164274091&utm_campaign=email-post-title&isFreemail=true&r=tcpky&triedRedirect=true&utm_medium=email
I'm interested in his new book, How Not To Invest,
and previously placed a library hold on it.
Having said that, the Europe index diverged from S&P 500 considerably due to the depreciating dollar; 20% (unhedged) vs -1%, respectively. Will this trend revert to the mean at the longer timeframe beyond this administration? Honestly, no one really knows.
Keeping it for the long haul. (no pun intended)
Normally chasing a few basis points isn't worth the effort, but with 95% in MMFs, you might take a look at VUSXX. Its seven day yield is 4.23%. And last year it was 100% state tax exempt (vs about 1/2 for FIGXX). For someone in a 5% income tax rate state, that would save about 0.20% in taxes vs. 0.10% with FIGXX.
After tax, VUSXX does about 1/6% better. For pocket cash, or even "money awaiting investment", that may not be worth the effort.
It's also relatively accessible. Just a $3K min, and it's available through E*Trade (for those who decline to transact with Vanguard).
Or you could roll short maturity Treasuries. Fidelity reports 3 month Treasuries as yielding 4.32%. (Estimated yield on auction 3-month T-bill is 4.31%.) About the same as VUSXX and you don't have to go to another institution to buy.
IMO we are in the early stages of a seismic, but quiet, re-ordering of the global economy over the next 10-15 years. Specifically, I think the world economy and/or money flows will pivot to working WITH (or AROUND) the United States as a partner, not THROUGH the United States as a requirement. Could that become the proverbial 'New World Order'?
The current regime, backed by its complicit Congressional enablers and a history of biparitsan whistling-past-the-gravegard, is showing that America cannot be relied upon anymore as a stable partner in business, economics, markets, defense, etc, etc. Tariff Toddler's on-again, off-again proclaimations are not confidence-building or reassuring other nations, let alone businesses. And then seeing our nation's 'leaders' gleefully adding more to our debt again on the very day our credit rating gets (again) downgraded is just another example of the current folks in DC acting irresponsibly and figuring deep down that the music will never stop.
76% of that 95% is in Roths. Our tax situation therefore is meager, chiefly on (meaning AGI chiefly comprises) RMDs plus some CG and divs from a brokerage account.
Plus we have some senior prop tax circuitbreaker thing which I no longer understand fully.
when market anxiety is high.
https://www.msn.com/en-us/money/top-stocks/market-anxiety-is-running-high-how-to-secure-your-retirement-portfolio/ar-AA1Fk9bO