If you’re waiting for an entry point, just pull the trigger, already. This market has more upside. The Fed’s got your back, at least for the rest of this year.

Equity markets started the week in risk-off mood, but Wednesday had the S&P 500 up 1.74% and the MSCI Emerging Markets Index up 1.10%. MSCI China was right in linen, maybe up one bip more. Delayed fiscal stimulus and an ongoing public health crisis is not scaring Wall Street. When Mr. Market hides in the closet, he doesn’t last in there for long.

“Continued extraordinary global monetary support will enable markets to move higher over the medium term,” says UBS CIO Mark Haefele.

With that in mind, global-minded investors and the Barstool crowd should take three actions:

Investors large and small are going to have to take advantage of volatility, and buy on the down days. Put cash to work “right away” is nearly always the best strategy.

“Given the uncertainty of the outlook, some investors may prefer to build up longer positions using near-term volatility,” says Haefele, recommending investors buy the dips.

The Russell 2000 Index, which focuses mainly on mid-cap stocks, is underperforming the MSCI EM, mainly because that American index is loaded with companies facing economic restrictions, while the MSCI EM is loaded with China and large cap stocks that have been a favorite of investors since the pandemic was declared in March.

UBS’ Haefele thinks the next leg of the rally will reflect a return to “more normal” economic conditions, and that should benefit value and cyclical stocks

WWE, primarily known for its professional wrestling broadcasts, announced Tuesday that Barstool Sports CEO Erika Nardini is joining its board.


Nardini has headed Barstool, a sports and pop culture blog founded by Dave Portnoy, since 2016. She oversaw the partnership with one of Barstool’s primary investors, Penn National Gaming, which acquired 36 percent of the company for roughly $163 million in cash earlier this year and launched Barstool Sportsbook.

The deal valued Barstool at $450 million and positioned the casino operator to take a majority stake in the company in the future.

“Erika is a seasoned executive with a tremendous track record of building businesses, developing experiences and engaging different audiences across the media ecosystem,” Vince McMahon, WWE chairman and CEO, said in a statement. “Her entrepreneurial spirit, business acumen and understanding of today’s consumers will serve as a perfect addition to our board of directors.”

Nardini has launched more than 35 brands, including breakout franchises in sports, entertainment, female lifestyle, business and sports-betting under Barstool.

She also spearheaded the development of more than 1,500 social accounts, a radio channel on SiriusXM and a flavored vodka in North America called Pink Whitney.

WWE has taken major hits during the coronavirus pandemic, with dozens of employees and talent testing positive for the virus, halting production in the summer.

The media company’s shares were down 45% in September from a year earlier, a decline set off by the unexpected ousting of WWE’s two co-presidents and board members George Barrios and Michelle Wilson in January.


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