Market volatility driven by non-fundamental factors like portfolio rebalancing and mega IPO supply creates buying opportunities. Underlying fundamentals remain strong with the biggest infrastructure buildout since railroads and fastest margin growth in his lifetime. Wants to own equities and buy the dip.
Steve Chiavarone prefers emerging markets over developed markets, arguing that emerging markets are less dependent on the Strait of Hormuz and stand to benefit from a resolution to the conflict, while Europe and parts of Asia are already lagging due to oil sensitivity. He also expects that U.S. equities will outperform as they are least dependent on the conflict.