With the US election day less than two weeks away, investors are carefully considering how markets will react to either a November victory by Vice President Kamala Harris or former President Donald Trump. BlackRock Global fixed income CIO Rick Rieder joins Market Domination hosts Julie Hyman and Josh Lipton to discuss his strategy around the election and its effects on the market. “In the short term, markets are going to gyrate. There’s no question about that,” Rieder says, noting that depending on the post-election makeup of Congress, “policy probably won’t radically change” if either Trump or Harris is in the White House. “At the end of the day, if you’re invested in the right businesses, the right companies, the right rate structure,” it doesn’t matter who wins the election,” he explains. “Markets and the economy are incredibly resilient to policy, unbelievably resilient to policy. Good policy [or] bad policy.” As a combination of uncertainties fueled recent volatility spikes, Rieder highlights the opportunity that pullbacks can create for investors. “The volatility in the equity market is great to buy volatility. The equity market is crazy cheap. So, we’ve added a lot of convexity to the portfolio through equities.” He adds, “In stocks, I like these big, durable companies with big cash flow models that, almost regardless of policy, will keep doing their things.” Rieder is set to speak at Yahoo Finance’s Invest 2024 event on Tuesday, November 12.
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