Whether we experience a soft landing or a recession will determine if markets are at fair value or have more room to fall. The odds are about evenly split on where we go. Even if we had a strong view on which way the economy will go it is extremely difficult to time the market. The S&P 500, for example, tends to go up as earnings estimates are still bottoming out. We believe the moves we have made will mitigate more downside, while benefiting from a move higher if things aren’t as bad as expected. Being diversified across multiple strategies and active managers has helped mitigate the fall in both the equity and fixed income markets.

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