“ ‘The closer we get to the election, the more the focus is going to be on the election. I think there could be a surprise between here and there.’ ”
That’s B.Riley’s Mark Grant, chief global strategist of fixed income, explaining to CNBC on Monday why he believes investors should be “taking some money off the table” ahead of what he sees as an uptick in market volatility as the election approaches.
“This is caution, it’s not saying get out of everything,” Grant said, adding that he doesn’t “trust the polls” that have Biden leading by a rather large margin. “You just have to be careful in here so you don’t get whacked by whatever the election results are going to be.”
Read: Here’s how traders think the stock markets will react to the U.S. election
Grant, who’s navigated the financial industry for more than four decades, said that investors need to be “ready to deal with whatever’s going to come” amid the widest divide between the right and the left that he’s ever seen. “There’s just a tremendous division between what the two parties represent and the future of the country depending upon who’s elected,” he said. “So I think in those circumstances it’s good to be cautious.”
Watch the full interview:
There wasn’t much caution among investors in Monday’s trading session, with the Dow Jones Industrial Average DJIA, +1.20% up more than 300 points. The Nasdaq Composite COMP, +2.82% and the S&P 500 SPX, +1.91% were also solidly higher.
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