Credit spreads are rising off of historic lows.

That might matter more than you think.

For example, U.S. "high"-yield credit spreads have troughed in the low 2% range before sharply rising to 3%+.

Combine that with trouble in Private Credit + any potential price/demand shocks due to the war + still high stock valuations in the U.S. and you get a pretty dangerous setup.

As a long-term investor, you want to:

1. Have you desired companies identified

2. Have done the research

3. Established a price that you will buy regardless of the macro environment

Right now we have lived through a pretty frothy few years in the market. Most investors haven't been in the market for the last real downcycle in 2008-2009.

If you are better prepared to take advantage of potential opportunities than most, you will win while others are shell-shocked. Be ready.