Not throwing the towel
May 13, 2022
It may not feel like this but what stockmarket investors are currently experiencing resembles more to an orderly retreat than a rush to the exit. Volatility as measured by the VIX is indeed not rising fast. We believe this matters for the simple reason that it shows there are little signs yet of capitulation in the market, i.e. investors throwing in the towel. We remain defensive in our portfolios.