Markets sit at all-time highs, and that creates as much anxiety as excitement. Every fund manager knows the question that follows. Clients want to know what happens if the rally reverses. It is a fair concern, and it keeps many from sleeping easily.The instinct is to reach for macro forecasts or market timing, but that approach rarely gives an edge. Predicting the next move in the S&P is a coin flip at best. The real answer is different. Catalysts. Structural events that create their own return paths and offer protection and opportunity that the broader market cannot.
The Problem Fund Managers Face
