Today's animal spirits is brought to you by NASDAQ. NASDAQ sent us this new survey of wealth

managers, R.I.A.'s, brokerage houses, those kind of places, wire houses, asking us, yeah, these

kind of places. A couple of questions I thought were interesting based on where we are in the market.

If you believed the stock market was headed for a prolonged bear market, what would your most

likely advise clients to do? This was basically 50-50. That's me. One group said trade defensively

to avoid a downturn. The other one said, hold firm and ride the bear market. I was surprised it

was that close. Here's another one. What's 50-50 basically? It's probably 51-49, hold firm to trade

defensively. I just got to ask you this. Neither of these are easy, right? It's not easy to hold on

in a bear market, but what's more doable, holding on for dear life or trading your way through it?

What do you think is more realistic? Well, which one has more career risk, I guess, is what you're

asking? No, I'm not even talking about the devices perspective. I'm just saying in just real talk.

Well, my answer is always that buying hold is simpler. That might not mean it's easier.

It's for most people trading defensively, probably makes them feel better.

What did they trade offensively? I don't know. Here's another one. When you want to trade defensively,

which investment categories do you go with? The highest one here? Fixed rate bonds is the lowest

answer. Variable rate bonds is on their hedged equity. I'm guessing that's some sort of bear market

fund or hedge funds. Yeah, market neutral kind of thing. That surprises me. This has to be a great

year for market neutral. The last 12 months, last 12 to 24 months. Yeah, it is. Last one. Which would

you consider to be a bigger risk here, business as an advisor, not meeting the benchmark for which I

set expectations, not protecting my clients from major and prolonged market downturns. Which one

do you think one without looking at it here? Okay, this is tricky question. How would I answer?

How do I think advises would answer? This is like the Cain's beauty contest. All right, ask what's

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