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1. Shard Calculation

Query:

Response:

Calculated Shard: 152 (from laksa080)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa152.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.morganstanley.com/ideas/bear-market-2022-stock-market-bottom\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.morganstanley.com/ideas/bear-market-2022-stock-market-bottom\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.morganstanley.com\/ideas\/bear-market-2022-stock-market-bottom","crawl_time":1775182634,"first_indexed_time":1657739578,"http_code":200,"src_unparsed":"com,morganstanley!www,\/ideas\/bear-market-2022-stock-market-bottom s443","src_root_hash":"5232549347307181552","history_drop_reason":null,"meta_title":"Bear Market 2022: When Will It Bottom Out? | Morgan Stanley","meta_descriptions":["Discover whether Morgan Stanley Wealth Management’s top strategist sees the 2022 bear market ending soon and how investors can prepare for what's next."],"attrs_boilerpipe_text":"Risk Considerations\nYields\nare subject to change with economic conditions. Yield is only one factor that should be considered when making an investment decision. \nEquity securities\nmay fluctuate in response to news on companies, industries, market conditions and general economic environment.\nBonds\nare subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and\/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and\/or interest payments from a given investment may be reinvested at a lower interest rate.\nAsset allocation and diversification\ndo not assure a profit or protect against loss in declining financial markets.\nRebalancing\ndoes not protect against a loss in declining financial markets.  There may be a potential tax implication with a rebalancing strategy.  Investors should consult with their tax advisor before implementing such a strategy.\nBecause of their narrow focus,\nsector investments\ntend to be more volatile than investments that diversify across many sectors and companies. \nTechnology stocks\nmay be especially volatile.\nInternational investing\nentails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include political and economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less established markets and economies.\nInvesting in foreign emerging markets\nentails greater risks than those normally associated with domestic markets, such as political, currency, economic and market risks.\nInvesting in commodities\nentails significant risks. Commodity prices may be affected by a variety of factors at any time, including but not limited to, (i) changes in supply and demand relationships, (ii) governmental programs and policies, (iii) national and international political and economic events, war and terrorist events, (iv) changes in interest and exchange rates, (v) trading activities in commodities and related contracts, (vi) pestilence, technological change and weather, and (vii) the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.\nCertain securities referred to in this material may not have been registered under the U.S. Securities Act of 1933, as amended, and, if not, may not be offered or sold absent an exemption therefrom.  Recipients are required to comply with any legal or contractual restrictions on their purchase, holding, and sale, exercise of rights or performance of obligations under any securities\/instruments transaction.\nThe returns on a portfolio consisting primarily of\nenvironmental, social, and governance-aware investments (ESG)\nmay be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. The companies identified and investment examples are for illustrative purposes only and should not be deemed a recommendation to purchase, hold or sell any securities or investment products. They are intended to demonstrate the approaches taken by managers who focus on ESG criteria in their investment strategy. There can be no guarantee that a client's account will be managed as described herein.\nDisclosures\nMorgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. This material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy.  Past performance is not necessarily a guide to future performance.\nThe author(s) (if any authors are noted) principally responsible for the preparation of this material receive compensation based upon various factors, including quality and accuracy of their work, firm revenues (including trading and capital markets revenues), client feedback and competitive factors.  Morgan Stanley Wealth Management is involved in many businesses that may relate to companies, securities or instruments mentioned in this material.\nThis material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security\/instrument, or to participate in any trading strategy. Any such offer would be made only after a prospective investor had completed its own independent investigation of the securities, instruments or transactions, and received all information it required to make its own investment decision, including, where applicable, a review of any offering circular or memorandum describing such security or instrument.  That information would contain material information not contained herein and to which prospective participants are referred. This material is based on public information as of the specified date, and may be stale thereafter.  We have no obligation to tell you when information herein may change.  We make no representation or warranty with respect to the accuracy or completeness of this material.  Morgan Stanley Wealth Management has no obligation to provide updated information on the securities\/instruments mentioned herein.\nThe securities\/instruments discussed in this material may not be appropriate for all investors.  The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.  Morgan Stanley Wealth Management recommends that investors independently evaluate specific investments and strategies, and encourages investors to seek the advice of a financial advisor. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities\/instruments prices, market indexes, operational or financial conditions of companies and other issuers or other factors.  Estimates of future performance are based on assumptions that may not be realized.  Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may significantly affect the projections or estimates.  Certain assumptions may have been made for modeling purposes only to simplify the presentation and\/or calculation of any projections or estimates, and Morgan Stanley Wealth Management does not represent that any such assumptions will reflect actual future events.  Accordingly, there can be no assurance that estimated returns or projections will be realized or that actual returns or performance results will not materially differ from those estimated herein. \nThis material should not be viewed as advice or recommendations with respect to asset allocation or any particular investment. This information is not intended to, and should not, form a primary basis for any investment decisions that you may make. Morgan Stanley Wealth Management is not acting as a fiduciary under either the Employee Retirement Income Security Act of 1974, as amended or under section 4975 of the Internal Revenue Code of 1986 as amended in providing this material except as otherwise provided in writing by Morgan Stanley and\/or as described at www.morganstanley.com\/disclosures\/dol.\nMorgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors do not provide legal or tax advice.  Each client should always consult his\/her personal tax and\/or legal advisor for information concerning his\/her individual situation and to learn about any potential tax or other implications that may result from acting on a particular recommendation.\nThis material is disseminated in Australia to “retail clients” within the meaning of the Australian Corporations Act by Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial services license No. 240813).\nMorgan Stanley Wealth Management is not incorporated under the People's Republic of China (\"PRC\") law and the material in relation to this report is conducted outside the PRC. This report will be distributed only upon request of a specific recipient. This report does not constitute an offer to sell or the solicitation of an offer to buy any securities in the PRC. PRC investors must have the relevant qualifications to invest in such securities and must be responsible for obtaining all relevant approvals, licenses, verifications and or registrations from PRC's relevant governmental authorities.\nIf your financial adviser is based in Australia, Switzerland or the United Kingdom, then please be aware that this report is being distributed by the Morgan Stanley entity where your financial adviser is located, as follows: Australia: Morgan Stanley Wealth Management Australia Pty Ltd (ABN 19 009 145 555, AFSL No. 240813); Switzerland: Morgan Stanley (Switzerland) AG regulated by the Swiss Financial Market Supervisory Authority; or United Kingdom: Morgan Stanley Private Wealth Management Ltd, authorized and regulated by the Financial Conduct Authority, approves for the purposes of section 21 of the Financial Services and Markets Act 2000 this material for distribution in the United Kingdom.\nMorgan Stanley Wealth Management is not acting as a municipal advisor to any municipal entity or obligated person within the meaning of Section 15B of the Securities Exchange Act (the “Municipal Advisor Rule”) and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of the Municipal Advisor Rule.\nThis material is disseminated in the United States of America by Morgan Stanley Smith Barney LLC.\nThird-party data providers make no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data.\nThis material, or any portion thereof, may not be reprinted, sold or redistributed without the written consent of Morgan Stanley Smith Barney LLC.\n© 2022 Morgan Stanley Smith Barney LLC, Member\nSIPC\n.\nCRC#4840768 (07\/2022)","attrs_markdown":"[![Morgan Stanley](https:\/\/www.morganstanley.com\/etc.clientlibs\/msdotcomr4\/clientlibs\/components\/site\/resources\/img\/logo-black.png)](https:\/\/www.morganstanley.com\/)\n\n- [Investor Relations](https:\/\/www.morganstanley.com\/about-us-ir)\n- [Media Relations](https:\/\/www.morganstanley.com\/about-us-newsroom#-536583991-tab)\n- [Client Login]()\n  [Client Login](https:\/\/www.morganstanley.com\/)\n  \n  - [Morgan Stanley Online](https:\/\/login.morganstanleyclientserv.com\/ux\/)\n  - [Morgan Stanley at Work](https:\/\/www.morganstanley.com\/atwork\/employees\/login)\n  - [Research Portal](https:\/\/matrix.ms.com\/research)\n  - [Matrix](https:\/\/matrix.ms.com\/)\n  \n  - Morgan Stanley Online\n  - Morgan Stanley at Work\n  - Research Portal\n  - Matrix\n\n- [Our Insights]()\n  [Our Insights](https:\/\/www.morganstanley.com\/insights)\n  \n  - [Personal Finance](https:\/\/www.morganstanley.com\/insights\/topics\/personal-finance)\n  - [Market Trends](https:\/\/www.morganstanley.com\/insights\/topics\/market-trends)\n  - [Technology & Disruption](https:\/\/www.morganstanley.com\/insights\/topics\/technology-disruption)\n  - [Sustainability](https:\/\/www.morganstanley.com\/insights\/topics\/sustainability)\n  - [Diversity & Inclusion](https:\/\/www.morganstanley.com\/insights\/topics\/diversity-and-inclusion)\n  - [Morgan Stanley Institute](https:\/\/www.morganstanley.com\/insights\/institute)\n  \n  STAY UP TO DATE\n  \n  - [Sign Up For the Five Ideas Newsletter](https:\/\/www.morganstanley.com\/newsletter\/subscribe)\n  - [Listen To Our Podcasts](https:\/\/www.morganstanley.com\/insights\/podcasts\/thoughts-on-the-market)\n  \n  - At Morgan Stanley, we lead with exceptional ideas. 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Discover who we are and the right opportunity for you.\n    Experienced Financial Advisors\n    At Morgan Stanley, our premier brand, robust resources and market leadership can offer you a new opportunity to grow your practice and continue to fulfill on your commitment to deliver tailored wealth management advice that helps your clients reach their financial goals.\n  \n  Featured\n  \n  [![](https:\/\/www.morganstanley.com\/content\/dam\/msdotcom\/articles\/explore-our-culture\/thumbnail-our-culture-square.jpg) Explore Our Culture](https:\/\/www.morganstanley.com\/people-opportunities\/students-graduates\/culture)\n  \n  Careers\n  \n  [![](https:\/\/www.morganstanley.com\/content\/dam\/msdotcom\/articles\/finance-technology-at-morgan-stanley\/thumbnail-tech-innovator-square.jpg) Yes, You Can Be a Tech Innovator at Morgan Stanley](https:\/\/www.morganstanley.com\/articles\/finance-technology-at-morgan-stanley)\n  \n  Technology\n\n- Wealth Management\n- Jul 13, 2022\n# Is Now the Time to Buy the Market Bottom?\n\n[Tweet this](https:\/\/twitter.com\/share?url=https:\/\/www.morganstanley.com\/ideas\/bear-market-2022-stock-market-bottom&text=Is%20Now%20the%20Time%20to%20Buy%20the%20Market%20Bottom?) [Share this on LinkedIn](https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/www.morganstanley.com\/ideas\/bear-market-2022-stock-market-bottom&title=Is%20Now%20the%20Time%20to%20Buy%20the%20Market%20Bottom?&summary=%22After%20markets%20suffered%20their%20worst%20first-half-year%20performance%20in%20decades,%20stocks%20have%20bounced%20on%20hopes%20the%20Fed%20may%20ease%20up%20on%20monetary%20tightening.%20See%20why%20this%20could%20be%20wishful%20thinking.%22) [Share this on Facebook](https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/www.morganstanley.com\/ideas\/bear-market-2022-stock-market-bottom) [Email this](mailto:?body=I%20thought%20you%27d%20find%20this%20article%20from%20MorganStanley.com%20interesting.%20You%20can%20read%20it%20at%20:https:\/\/www.morganstanley.com\/ideas\/bear-market-2022-stock-market-bottom&subject=I%20found%20this%20article%20on%20MorganStanley.com)\n\nPrint this\n\n## After markets suffered their worst first-half-year performance in decades, stocks have bounced on hopes the Fed may ease up on monetary tightening. See why this could be wishful thinking.    Get the latest insights for your portfolio [here](https:\/\/www.morganstanley.com\/Themes\/actionable-investment-strategies).\n[![](https:\/\/www.morganstanley.com\/content\/dam\/msdotcom\/access\/authors\/lisa-shalett-2018.jpg) Lisa Shalett Chief Investment Officer, Wealth Management](https:\/\/www.morganstanley.com\/profiles\/lisa-shalett-managing-director-wealth-management)\n\nSome investors today seem to think the recession is already here, or at least on its way. That’s understandable:\n\nManage your Wealth\n\n- A key part of the Treasury yield curve inverted recently;\n\n- The purchasing managers’ index, which tracks service and manufacturing sectors, is declining; and\n\n- The Federal Reserve reported first-quarter GDP growth at -1.6%, with the second-quarter GDP estimate suggesting another contraction.\n\nWith these factors in mind, investors have rotated out of credit and value stocks toward long-duration growth assets, which tend to be viewed more favorably when rates remain low or decline. These assets, which dominate benchmark equity indices, have rebounded to start July. It seems investors are declaring the market rout likely over, now that recession risks are priced in.\n\nBut is this really the “buyable bottom” of the 2022 bear market? And might the Fed begin paring back its policy tightening? We don’t think so. Here’s why:\n\n- **Inflation is far from being tamed.** Granted, supply chains may be clearing, and energy prices are dropping. But this is partly the result of short-term fixes, such as added supply from strategic oil reserves, which could be offset quickly, especially if the \\$220 billion fiscal stimulus that China is mulling does come into play to shore up the country’s economy, potentially stimulating demand amid still-limited supply. In addition, even if energy-related inflation does cool, overall U.S. inflation may be slower to fall given that a significant portion of it is linked to the fast-recovering services sector, where prices for items like rent and medical services may remain stubbornly high.\n\n- **The Fed’s policy rate still has room to rise.** The central bank typically does not end a tightening cycle until its policy rate is above inflation. Currently inflation is 8.6%, per the consumer price index, and 5.2%, per the Fed’s preferred personal consumption expenditures gauge. At this pace, we would need to see genuine damage to the labor market before the Fed would change course. And, as evidenced by June’s job report—employers added 372,000 jobs, above estimates, and the unemployment rate held at 3.6%, near a 50-year low—the market remains robust.\n\n- **Consumer and corporate spending outlooks are strong.** Though consumer confidence and CEO sentiment are weak, consumer behavior has not changed. Households’ cash and money market deposits, estimated at about \\$2.3 trillion, could cushion balance sheets and consumption. In addition, corporate capital-spending intentions have remained strong, durable goods orders have continued to beat expectations, and housing-sector activity levels are nowhere near recessionary. Such economic resilience would likely suggest the Fed’s current hawkish path can continue.\n\nWe believe it is too early to price in an imminent recession. More likely, we’ll see “stagflation,” where growth slows but is nominally positive, inflation stays higher for longer and financial markets continue to face volatility.\n\nFor more realistic clues about the pace of Fed policy, investors should watch second-quarter earnings guidance and labor-market data. In the meantime, with another 5% to 10% downside likely in stocks, consider connecting with your Morgan Stanley Financial Advisor to neutralize major overweight and underweight positions, harvest losses in your portfolio for potential tax reductions and pursue maximum asset-class diversification.\n\n*This article is based on Lisa Shalett’s Global Investment Committee Weekly report from July 11, 2022, “Not So Fast.” Ask your Morgan Stanley Financial Advisor for a copy. Listen to* [the audiocast](https:\/\/players.brightcove.net\/644391012001\/default_default\/index.html?videoId=6309385707112) *based on this report.*\n\n**Risk Considerations**\n\n**Yields** are subject to change with economic conditions. Yield is only one factor that should be considered when making an investment decision.\n\n**Equity securities** may fluctuate in response to news on companies, industries, market conditions and general economic environment.\n\n**Bonds** are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and\/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and\/or interest payments from a given investment may be reinvested at a lower interest rate.\n\n**Asset allocation and diversification** do not assure a profit or protect against loss in declining financial markets.\n\n**Rebalancing** does not protect against a loss in declining financial markets. There may be a potential tax implication with a rebalancing strategy. Investors should consult with their tax advisor before implementing such a strategy.\n\nBecause of their narrow focus, **sector investments** tend to be more volatile than investments that diversify across many sectors and companies. **Technology stocks** may be especially volatile.\n\n**International investing** entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include political and economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less established markets and economies.\n\n**Investing in foreign emerging markets** entails greater risks than those normally associated with domestic markets, such as political, currency, economic and market risks.\n\n**Investing in commodities** entails significant risks. Commodity prices may be affected by a variety of factors at any time, including but not limited to, (i) changes in supply and demand relationships, (ii) governmental programs and policies, (iii) national and international political and economic events, war and terrorist events, (iv) changes in interest and exchange rates, (v) trading activities in commodities and related contracts, (vi) pestilence, technological change and weather, and (vii) the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.\n\nCertain securities referred to in this material may not have been registered under the U.S. Securities Act of 1933, as amended, and, if not, may not be offered or sold absent an exemption therefrom. Recipients are required to comply with any legal or contractual restrictions on their purchase, holding, and sale, exercise of rights or performance of obligations under any securities\/instruments transaction.\n\nThe returns on a portfolio consisting primarily of **environmental, social, and governance-aware investments (ESG)** may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. The companies identified and investment examples are for illustrative purposes only and should not be deemed a recommendation to purchase, hold or sell any securities or investment products. They are intended to demonstrate the approaches taken by managers who focus on ESG criteria in their investment strategy. There can be no guarantee that a client's account will be managed as described herein.\n\n**Disclosures**\n\nMorgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. This material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Past performance is not necessarily a guide to future performance.\n\nThe author(s) (if any authors are noted) principally responsible for the preparation of this material receive compensation based upon various factors, including quality and accuracy of their work, firm revenues (including trading and capital markets revenues), client feedback and competitive factors. Morgan Stanley Wealth Management is involved in many businesses that may relate to companies, securities or instruments mentioned in this material.\n\nThis material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security\/instrument, or to participate in any trading strategy. Any such offer would be made only after a prospective investor had completed its own independent investigation of the securities, instruments or transactions, and received all information it required to make its own investment decision, including, where applicable, a review of any offering circular or memorandum describing such security or instrument. That information would contain material information not contained herein and to which prospective participants are referred. This material is based on public information as of the specified date, and may be stale thereafter. We have no obligation to tell you when information herein may change. We make no representation or warranty with respect to the accuracy or completeness of this material. Morgan Stanley Wealth Management has no obligation to provide updated information on the securities\/instruments mentioned herein.\n\nThe securities\/instruments discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Morgan Stanley Wealth Management recommends that investors independently evaluate specific investments and strategies, and encourages investors to seek the advice of a financial advisor. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities\/instruments prices, market indexes, operational or financial conditions of companies and other issuers or other factors. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may significantly affect the projections or estimates. Certain assumptions may have been made for modeling purposes only to simplify the presentation and\/or calculation of any projections or estimates, and Morgan Stanley Wealth Management does not represent that any such assumptions will reflect actual future events. Accordingly, there can be no assurance that estimated returns or projections will be realized or that actual returns or performance results will not materially differ from those estimated herein.\n\nThis material should not be viewed as advice or recommendations with respect to asset allocation or any particular investment. This information is not intended to, and should not, form a primary basis for any investment decisions that you may make. Morgan Stanley Wealth Management is not acting as a fiduciary under either the Employee Retirement Income Security Act of 1974, as amended or under section 4975 of the Internal Revenue Code of 1986 as amended in providing this material except as otherwise provided in writing by Morgan Stanley and\/or as described at www.morganstanley.com\/disclosures\/dol.\n\n**Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors do not provide legal or tax advice. Each client should always consult his\/her personal tax and\/or legal advisor for information concerning his\/her individual situation and to learn about any potential tax or other implications that may result from acting on a particular recommendation.**\n\nThis material is disseminated in Australia to “retail clients” within the meaning of the Australian Corporations Act by Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial services license No. 240813).\n\nMorgan Stanley Wealth Management is not incorporated under the People's Republic of China (\"PRC\") law and the material in relation to this report is conducted outside the PRC. This report will be distributed only upon request of a specific recipient. This report does not constitute an offer to sell or the solicitation of an offer to buy any securities in the PRC. PRC investors must have the relevant qualifications to invest in such securities and must be responsible for obtaining all relevant approvals, licenses, verifications and or registrations from PRC's relevant governmental authorities.\n\nIf your financial adviser is based in Australia, Switzerland or the United Kingdom, then please be aware that this report is being distributed by the Morgan Stanley entity where your financial adviser is located, as follows: Australia: Morgan Stanley Wealth Management Australia Pty Ltd (ABN 19 009 145 555, AFSL No. 240813); Switzerland: Morgan Stanley (Switzerland) AG regulated by the Swiss Financial Market Supervisory Authority; or United Kingdom: Morgan Stanley Private Wealth Management Ltd, authorized and regulated by the Financial Conduct Authority, approves for the purposes of section 21 of the Financial Services and Markets Act 2000 this material for distribution in the United Kingdom.\n\nMorgan Stanley Wealth Management is not acting as a municipal advisor to any municipal entity or obligated person within the meaning of Section 15B of the Securities Exchange Act (the “Municipal Advisor Rule”) and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of the Municipal Advisor Rule.\n\nThis material is disseminated in the United States of America by Morgan Stanley Smith Barney LLC.\n\nThird-party data providers make no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data.\n\nThis material, or any portion thereof, may not be reprinted, sold or redistributed without the written consent of Morgan Stanley Smith Barney LLC.\n\n© 2022 Morgan Stanley Smith Barney LLC, Member [SIPC](http:\/\/www.sipc.org\/).\n\nCRC\\#4840768 (07\/2022)\n\n[View disclosures Close disclosures]()\n\n## Have a Morgan Stanley Online Account?\n[Review my Account](https:\/\/login.morganstanleyclientserv.com\/ux\/)\n\nMore Stories\n\n[![](https:\/\/www.morganstanley.com\/content\/dam\/msdotcom\/Insights\/podcasts\/thoughts-on-the-market\/tile-totm-thoughts-the-market.png.img.410.medium.png\/1752694301891.png) Ideas Thoughts on the Market In his weekly Thoughts on the Market episode, Mike Wilson offers his perspective on the forces shaping the markets and how to separate the signal from the noise.](https:\/\/www.morganstanley.com\/ideas\/thoughts-on-the-market-wilson)\n\n[![](https:\/\/www.morganstanley.com\/content\/dam\/msdotcom\/what-we-do\/wealth-management-images\/actionable-investment-strategies-theme-page\/Main-Tile_410x410.jpg.img.410.medium.jpg\/1595866529488.jpg) Wealth Management Wealth Management Portfolio Insights Timely market commentary, thought leadership and portfolio ideas to help guide your investment decisions.](https:\/\/www.morganstanley.com\/Themes\/actionable-investment-strategies)\n\n[![](https:\/\/www.morganstanley.com\/content\/dam\/msdotcom\/Insights\/gic-weekly\/magnificent-7-dominance-stock-picking-2025\/tile-other-493-stocks-410x410.jpg.img.410.medium.jpg\/1753810749025.jpg) Wealth Management How to Choose Among the “Other 493” Stocks Jul 30, 2025 Tech giants are again dominating U.S. equity indexes. Investors should look for opportunities below the surface.](https:\/\/www.morganstanley.com\/insights\/articles\/magnificent-7-dominance-stock-picking-2025)\n\n***\n- [Disclosures](https:\/\/www.morganstanley.com\/disclosures \"Disclosures\")\n- [Investor Relations](https:\/\/www.morganstanley.com\/about-us-ir \"Investor Relations\")\n- [Corporate Governance](https:\/\/www.morganstanley.com\/about-us-governance \"Corporate Governance\")\n- [Newsroom](https:\/\/www.morganstanley.com\/about-us-newsroom#-536583991-tab \"Newsroom\")\n- [Careers](https:\/\/www.morganstanley.com\/people \"Careers\")\n***\n- [Contact Us](https:\/\/www.morganstanley.com\/contact-us \"Contact Us\")\n- [Global Offices](https:\/\/www.morganstanley.com\/about-us\/global-offices \"Global Offices\")\n- [Equal Employment Opportunity](https:\/\/www.morganstanley.com\/people-opportunities\/eeo \"Equal Employment Opportunity\")\n- [Cybersecurity](https:\/\/www.morganstanley.com\/about-us\/cybersecurity-and-fraud-awareness \"Cybersecurity\")\n- [Terms of Use](https:\/\/www.morganstanley.com\/terms \"Terms of Use\")\n- [Privacy & Cookies](https:\/\/www.morganstanley.com\/privacy-pledge \"Privacy & Cookies\")\n- [Your Privacy Choices ![Your Privacy Choices](https:\/\/www.morganstanley.com\/content\/dam\/msdotcom\/footer-icons\/privacyoptions29x14.jpg)](\"Your Privacy Choices\")\n***\n© 2026 Morgan Stanley. All rights reserved.\n\nClose","attrs_readable_markdown":"**Risk Considerations**\n\n**Yields** are subject to change with economic conditions. Yield is only one factor that should be considered when making an investment decision.\n\n**Equity securities** may fluctuate in response to news on companies, industries, market conditions and general economic environment.\n\n**Bonds** are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and\/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and\/or interest payments from a given investment may be reinvested at a lower interest rate.\n\n**Asset allocation and diversification** do not assure a profit or protect against loss in declining financial markets.\n\n**Rebalancing** does not protect against a loss in declining financial markets. There may be a potential tax implication with a rebalancing strategy. Investors should consult with their tax advisor before implementing such a strategy.\n\nBecause of their narrow focus, **sector investments** tend to be more volatile than investments that diversify across many sectors and companies. **Technology stocks** may be especially volatile.\n\n**International investing** entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include political and economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less established markets and economies.\n\n**Investing in foreign emerging markets** entails greater risks than those normally associated with domestic markets, such as political, currency, economic and market risks.\n\n**Investing in commodities** entails significant risks. Commodity prices may be affected by a variety of factors at any time, including but not limited to, (i) changes in supply and demand relationships, (ii) governmental programs and policies, (iii) national and international political and economic events, war and terrorist events, (iv) changes in interest and exchange rates, (v) trading activities in commodities and related contracts, (vi) pestilence, technological change and weather, and (vii) the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.\n\nCertain securities referred to in this material may not have been registered under the U.S. Securities Act of 1933, as amended, and, if not, may not be offered or sold absent an exemption therefrom. Recipients are required to comply with any legal or contractual restrictions on their purchase, holding, and sale, exercise of rights or performance of obligations under any securities\/instruments transaction.\n\nThe returns on a portfolio consisting primarily of **environmental, social, and governance-aware investments (ESG)** may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. The companies identified and investment examples are for illustrative purposes only and should not be deemed a recommendation to purchase, hold or sell any securities or investment products. They are intended to demonstrate the approaches taken by managers who focus on ESG criteria in their investment strategy. There can be no guarantee that a client's account will be managed as described herein.\n\n**Disclosures**\n\nMorgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. This material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Past performance is not necessarily a guide to future performance.\n\nThe author(s) (if any authors are noted) principally responsible for the preparation of this material receive compensation based upon various factors, including quality and accuracy of their work, firm revenues (including trading and capital markets revenues), client feedback and competitive factors. Morgan Stanley Wealth Management is involved in many businesses that may relate to companies, securities or instruments mentioned in this material.\n\nThis material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security\/instrument, or to participate in any trading strategy. Any such offer would be made only after a prospective investor had completed its own independent investigation of the securities, instruments or transactions, and received all information it required to make its own investment decision, including, where applicable, a review of any offering circular or memorandum describing such security or instrument. That information would contain material information not contained herein and to which prospective participants are referred. This material is based on public information as of the specified date, and may be stale thereafter. We have no obligation to tell you when information herein may change. We make no representation or warranty with respect to the accuracy or completeness of this material. Morgan Stanley Wealth Management has no obligation to provide updated information on the securities\/instruments mentioned herein.\n\nThe securities\/instruments discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Morgan Stanley Wealth Management recommends that investors independently evaluate specific investments and strategies, and encourages investors to seek the advice of a financial advisor. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities\/instruments prices, market indexes, operational or financial conditions of companies and other issuers or other factors. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may significantly affect the projections or estimates. Certain assumptions may have been made for modeling purposes only to simplify the presentation and\/or calculation of any projections or estimates, and Morgan Stanley Wealth Management does not represent that any such assumptions will reflect actual future events. Accordingly, there can be no assurance that estimated returns or projections will be realized or that actual returns or performance results will not materially differ from those estimated herein.\n\nThis material should not be viewed as advice or recommendations with respect to asset allocation or any particular investment. This information is not intended to, and should not, form a primary basis for any investment decisions that you may make. Morgan Stanley Wealth Management is not acting as a fiduciary under either the Employee Retirement Income Security Act of 1974, as amended or under section 4975 of the Internal Revenue Code of 1986 as amended in providing this material except as otherwise provided in writing by Morgan Stanley and\/or as described at www.morganstanley.com\/disclosures\/dol.\n\n**Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors do not provide legal or tax advice. Each client should always consult his\/her personal tax and\/or legal advisor for information concerning his\/her individual situation and to learn about any potential tax or other implications that may result from acting on a particular recommendation.**\n\nThis material is disseminated in Australia to “retail clients” within the meaning of the Australian Corporations Act by Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial services license No. 240813).\n\nMorgan Stanley Wealth Management is not incorporated under the People's Republic of China (\"PRC\") law and the material in relation to this report is conducted outside the PRC. This report will be distributed only upon request of a specific recipient. This report does not constitute an offer to sell or the solicitation of an offer to buy any securities in the PRC. PRC investors must have the relevant qualifications to invest in such securities and must be responsible for obtaining all relevant approvals, licenses, verifications and or registrations from PRC's relevant governmental authorities.\n\nIf your financial adviser is based in Australia, Switzerland or the United Kingdom, then please be aware that this report is being distributed by the Morgan Stanley entity where your financial adviser is located, as follows: Australia: Morgan Stanley Wealth Management Australia Pty Ltd (ABN 19 009 145 555, AFSL No. 240813); Switzerland: Morgan Stanley (Switzerland) AG regulated by the Swiss Financial Market Supervisory Authority; or United Kingdom: Morgan Stanley Private Wealth Management Ltd, authorized and regulated by the Financial Conduct Authority, approves for the purposes of section 21 of the Financial Services and Markets Act 2000 this material for distribution in the United Kingdom.\n\nMorgan Stanley Wealth Management is not acting as a municipal advisor to any municipal entity or obligated person within the meaning of Section 15B of the Securities Exchange Act (the “Municipal Advisor Rule”) and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of the Municipal Advisor Rule.\n\nThis material is disseminated in the United States of America by Morgan Stanley Smith Barney LLC.\n\nThird-party data providers make no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data.\n\nThis material, or any portion thereof, may not be reprinted, sold or redistributed without the written consent of Morgan Stanley Smith Barney LLC.\n\n© 2022 Morgan Stanley Smith Barney LLC, Member [SIPC](http:\/\/www.sipc.org\/).\n\nCRC\\#4840768 (07\/2022)","meta_canonical":null}

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Boilerpipe Text	Risk Considerations Yields are subject to change with economic conditions. Yield is only one factor that should be considered when making an investment decision. Equity securities may fluctuate in response to news on companies, industries, market conditions and general economic environment. Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate. Asset allocation and diversification do not assure a profit or protect against loss in declining financial markets. Rebalancing does not protect against a loss in declining financial markets. There may be a potential tax implication with a rebalancing strategy. Investors should consult with their tax advisor before implementing such a strategy. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. Technology stocks may be especially volatile. International investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include political and economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less established markets and economies. Investing in foreign emerging markets entails greater risks than those normally associated with domestic markets, such as political, currency, economic and market risks. Investing in commodities entails significant risks. Commodity prices may be affected by a variety of factors at any time, including but not limited to, (i) changes in supply and demand relationships, (ii) governmental programs and policies, (iii) national and international political and economic events, war and terrorist events, (iv) changes in interest and exchange rates, (v) trading activities in commodities and related contracts, (vi) pestilence, technological change and weather, and (vii) the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention. Certain securities referred to in this material may not have been registered under the U.S. Securities Act of 1933, as amended, and, if not, may not be offered or sold absent an exemption therefrom. Recipients are required to comply with any legal or contractual restrictions on their purchase, holding, and sale, exercise of rights or performance of obligations under any securities/instruments transaction. The returns on a portfolio consisting primarily of environmental, social, and governance-aware investments (ESG) may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. The companies identified and investment examples are for illustrative purposes only and should not be deemed a recommendation to purchase, hold or sell any securities or investment products. They are intended to demonstrate the approaches taken by managers who focus on ESG criteria in their investment strategy. There can be no guarantee that a client's account will be managed as described herein. Disclosures Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. This material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Past performance is not necessarily a guide to future performance. The author(s) (if any authors are noted) principally responsible for the preparation of this material receive compensation based upon various factors, including quality and accuracy of their work, firm revenues (including trading and capital markets revenues), client feedback and competitive factors. Morgan Stanley Wealth Management is involved in many businesses that may relate to companies, securities or instruments mentioned in this material. This material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security/instrument, or to participate in any trading strategy. Any such offer would be made only after a prospective investor had completed its own independent investigation of the securities, instruments or transactions, and received all information it required to make its own investment decision, including, where applicable, a review of any offering circular or memorandum describing such security or instrument. That information would contain material information not contained herein and to which prospective participants are referred. This material is based on public information as of the specified date, and may be stale thereafter. We have no obligation to tell you when information herein may change. We make no representation or warranty with respect to the accuracy or completeness of this material. Morgan Stanley Wealth Management has no obligation to provide updated information on the securities/instruments mentioned herein. The securities/instruments discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Morgan Stanley Wealth Management recommends that investors independently evaluate specific investments and strategies, and encourages investors to seek the advice of a financial advisor. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices, market indexes, operational or financial conditions of companies and other issuers or other factors. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may significantly affect the projections or estimates. Certain assumptions may have been made for modeling purposes only to simplify the presentation and/or calculation of any projections or estimates, and Morgan Stanley Wealth Management does not represent that any such assumptions will reflect actual future events. Accordingly, there can be no assurance that estimated returns or projections will be realized or that actual returns or performance results will not materially differ from those estimated herein. This material should not be viewed as advice or recommendations with respect to asset allocation or any particular investment. This information is not intended to, and should not, form a primary basis for any investment decisions that you may make. 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Experienced Financial Advisors At Morgan Stanley, our premier brand, robust resources and market leadership can offer you a new opportunity to grow your practice and continue to fulfill on your commitment to deliver tailored wealth management advice that helps your clients reach their financial goals. Featured [![](https://www.morganstanley.com/content/dam/msdotcom/articles/explore-our-culture/thumbnail-our-culture-square.jpg) Explore Our Culture](https://www.morganstanley.com/people-opportunities/students-graduates/culture) Careers [![](https://www.morganstanley.com/content/dam/msdotcom/articles/finance-technology-at-morgan-stanley/thumbnail-tech-innovator-square.jpg) Yes, You Can Be a Tech Innovator at Morgan Stanley](https://www.morganstanley.com/articles/finance-technology-at-morgan-stanley) Technology - Wealth Management - Jul 13, 2022 # Is Now the Time to Buy the Market Bottom? [Tweet this](https://twitter.com/share?url=https://www.morganstanley.com/ideas/bear-market-2022-stock-market-bottom&text=Is%20Now%20the%20Time%20to%20Buy%20the%20Market%20Bottom?) [Share this on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://www.morganstanley.com/ideas/bear-market-2022-stock-market-bottom&title=Is%20Now%20the%20Time%20to%20Buy%20the%20Market%20Bottom?&summary=%22After%20markets%20suffered%20their%20worst%20first-half-year%20performance%20in%20decades,%20stocks%20have%20bounced%20on%20hopes%20the%20Fed%20may%20ease%20up%20on%20monetary%20tightening.%20See%20why%20this%20could%20be%20wishful%20thinking.%22) [Share this on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://www.morganstanley.com/ideas/bear-market-2022-stock-market-bottom) [Email this](mailto:?body=I%20thought%20you%27d%20find%20this%20article%20from%20MorganStanley.com%20interesting.%20You%20can%20read%20it%20at%20:https://www.morganstanley.com/ideas/bear-market-2022-stock-market-bottom&subject=I%20found%20this%20article%20on%20MorganStanley.com) Print this ## After markets suffered their worst first-half-year performance in decades, stocks have bounced on hopes the Fed may ease up on monetary tightening. See why this could be wishful thinking. Get the latest insights for your portfolio [here](https://www.morganstanley.com/Themes/actionable-investment-strategies). [![](https://www.morganstanley.com/content/dam/msdotcom/access/authors/lisa-shalett-2018.jpg) Lisa Shalett Chief Investment Officer, Wealth Management](https://www.morganstanley.com/profiles/lisa-shalett-managing-director-wealth-management) Some investors today seem to think the recession is already here, or at least on its way. That’s understandable: Manage your Wealth - A key part of the Treasury yield curve inverted recently; - The purchasing managers’ index, which tracks service and manufacturing sectors, is declining; and - The Federal Reserve reported first-quarter GDP growth at -1.6%, with the second-quarter GDP estimate suggesting another contraction. With these factors in mind, investors have rotated out of credit and value stocks toward long-duration growth assets, which tend to be viewed more favorably when rates remain low or decline. These assets, which dominate benchmark equity indices, have rebounded to start July. It seems investors are declaring the market rout likely over, now that recession risks are priced in. But is this really the “buyable bottom” of the 2022 bear market? And might the Fed begin paring back its policy tightening? We don’t think so. Here’s why: - Inflation is far from being tamed.* Granted, supply chains may be clearing, and energy prices are dropping. But this is partly the result of short-term fixes, such as added supply from strategic oil reserves, which could be offset quickly, especially if the \$220 billion fiscal stimulus that China is mulling does come into play to shore up the country’s economy, potentially stimulating demand amid still-limited supply. In addition, even if energy-related inflation does cool, overall U.S. inflation may be slower to fall given that a significant portion of it is linked to the fast-recovering services sector, where prices for items like rent and medical services may remain stubbornly high. - The Fed’s policy rate still has room to rise. The central bank typically does not end a tightening cycle until its policy rate is above inflation. Currently inflation is 8.6%, per the consumer price index, and 5.2%, per the Fed’s preferred personal consumption expenditures gauge. At this pace, we would need to see genuine damage to the labor market before the Fed would change course. And, as evidenced by June’s job report—employers added 372,000 jobs, above estimates, and the unemployment rate held at 3.6%, near a 50-year low—the market remains robust. - Consumer and corporate spending outlooks are strong. Though consumer confidence and CEO sentiment are weak, consumer behavior has not changed. Households’ cash and money market deposits, estimated at about \$2.3 trillion, could cushion balance sheets and consumption. In addition, corporate capital-spending intentions have remained strong, durable goods orders have continued to beat expectations, and housing-sector activity levels are nowhere near recessionary. Such economic resilience would likely suggest the Fed’s current hawkish path can continue. We believe it is too early to price in an imminent recession. More likely, we’ll see “stagflation,” where growth slows but is nominally positive, inflation stays higher for longer and financial markets continue to face volatility. For more realistic clues about the pace of Fed policy, investors should watch second-quarter earnings guidance and labor-market data. In the meantime, with another 5% to 10% downside likely in stocks, consider connecting with your Morgan Stanley Financial Advisor to neutralize major overweight and underweight positions, harvest losses in your portfolio for potential tax reductions and pursue maximum asset-class diversification. This article is based on Lisa Shalett’s Global Investment Committee Weekly report from July 11, 2022, “Not So Fast.” Ask your Morgan Stanley Financial Advisor for a copy. Listen to [the audiocast](https://players.brightcove.net/644391012001/default_default/index.html?videoId=6309385707112) based on this report. Risk Considerations Yields are subject to change with economic conditions. Yield is only one factor that should be considered when making an investment decision. Equity securities may fluctuate in response to news on companies, industries, market conditions and general economic environment. Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate. Asset allocation and diversification do not assure a profit or protect against loss in declining financial markets. Rebalancing does not protect against a loss in declining financial markets. There may be a potential tax implication with a rebalancing strategy. Investors should consult with their tax advisor before implementing such a strategy. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. Technology stocks may be especially volatile. International investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include political and economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less established markets and economies. Investing in foreign emerging markets entails greater risks than those normally associated with domestic markets, such as political, currency, economic and market risks. 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