1 Federal Reserve Board of Atlanta website, May 28, 2020.
2 Bureau of Labor Statistics, August 2020.
Information is as of 11/18/2020.
Opinions are those of the author(s) and are subject to change.
Investing involves risk, including the possible loss of principal.
Past performance is no guarantee of future results.
The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S” or “Merrill”), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation.
Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.
Equity securities are subject to stock market fluctuations that occur in response to economic and business developments.
Investments in foreign securities (including ADRs) involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets.
Investments in a certain industry or sector may pose additional risk due to lack of diversification and sector concentration.