{"id":198075,"date":"2024-09-26T10:28:40","date_gmt":"2024-09-26T10:28:40","guid":{"rendered":"https:\/\/ibkrcampus.eu\/campus\/?p=198075"},"modified":"2024-09-26T10:44:27","modified_gmt":"2024-09-26T10:44:27","slug":"striking-a-more-defensive-posture","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/","title":{"rendered":"Striking a More Defensive Posture"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Originally Posted, 24 September 2024 &#8211; <a href=\"https:\/\/www.ssga.com\/ie\/en_gb\/institutional\/insights\/striking-a-more-defensive-posture\">Striking a More Defensive Posture<\/a> &#8211; <strong>Toby Warburton, CFA, ph.D.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Despite the rapid rebound from the equity market\u2019s volatility in early August, the shift in Sentiment we noted last month seems to be becoming more entrenched. Even as global markets rebounded 9% from their lows to positive territory at the end of the month, it was the defensive sectors that led the way.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-prevailing-amid-august-volatility\">Prevailing Amid August Volatility<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As we noted last month [<a href=\"https:\/\/www.ssga.com\/ie\/en_gb\/institutional\/insights\/is-sentiment-turning\">Is Sentiment Turning? (ssga.com)<\/a>], sectors traditionally considered defensive held up strong amid the early August market volatility and market drawdown. While the sectors that had fared the worst in the market fall reverted and led the subsequent rebound in the market. Over the course of the month of August, however, less volatile sectors were the strongest performers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sorting sector returns on five-year volatility measures, from low to high, we observe a high correlation with returns in August; lower volatility sectors performed better than the riskier cohort (Figure 1). The least volatile sectors, Consumer Staples, Healthcare and Utilities, notably outperformed. The Real Estate sector is also traditionally labeled a defensive sector, and similarly performed well. The Real Estate sector\u2019s volatility over the past five years has been at median levels, largely due to idiosyncratic issues which linger and impact the sector after the COVID pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-figure1-developed-world-5-year-volatility-and-august-gics-sector-returns\">Figure1: Developed World 5-Year Volatility and August GICS Sector Returns<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1032\" height=\"488\" data-src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig001.jpg\" alt=\"Developed World 5-Year Volatility and August GICS Sector Returns\" class=\"wp-image-198076 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig001.jpg 1032w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig001-700x331.jpg 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig001-300x142.jpg 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig001-768x363.jpg 768w\" data-sizes=\"(max-width: 1032px) 100vw, 1032px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1032px; aspect-ratio: 1032\/488;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Source: State Street Global Advisors, FactSet, MSCI, GICS stands for Global Industry Classification Standards. Data as of August 31, 2024 &#8211; <strong>Past performance is not indicative of future results <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Broadly, we have been looking for a broadening out of the equity market rally, from the domination of a few technology-enabled superstars that have led markets in the post-pandemic period. We see increasing breadth as a healthy sign for markets overall. The current level of market concentration has, however, been at least partly driven by fundamentals, and the phenomenal earnings and cash-flow generation from a few mega-cap companies. After a brief dip in 2022, the past two years have seen earnings estimates peak at nearly 30% year-on-year growth for companies in the Information Technology (IT), Media and Retail industries. Defensive and traditionally-cyclical companies, on the other hand, have seen earnings growing at a more subdued rate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although the expected earnings growth differentials are still extreme, the gap if anything, is closing with a pick-up in earning expectations for the defensive and cyclical names and flattening of the trajectory of the technology superstars (Figure 2). This new dynamic suggests that there may be opportunities for cheaper, defensive, and less glamourous companies and sectors to join, or takeover, the market leadership.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-figure-2-rolling-12-month-average-growth-of-next-twelve-month-eps-estimates\">Figure 2: Rolling 12-Month Average Growth of Next Twelve-Month EPS Estimates<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1019\" height=\"389\" data-src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig002.jpg\" alt=\"Rolling 12-Month Average Growth of Next Twelve-Month EPS Estimates\" class=\"wp-image-198077 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig002.jpg 1019w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig002-700x267.jpg 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig002-300x115.jpg 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig002-768x293.jpg 768w\" data-sizes=\"(max-width: 1019px) 100vw, 1019px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1019px; aspect-ratio: 1019\/389;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Source: State Street Global Advisors, FactSet, MSCI. Tech-enabled superpowers represent IT, Media and Entertainment and Consumer Discretionary \u2013 Distribution &amp; Retail industry groups. Defensives are the Consumer Staples, Healthcare, Utilities and Real Estate industry groups. Cyclicals are in Energy, other Consumer Discretionary, Materials, Industrials and Financials. Data as of 31 August 31, 2024. <strong>Past performance is not indicative of future results<\/strong> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-price-for-growth\">What Price for Growth?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While the fundamentals still look attractive for the current market leaders, there is no doubt after a recent run of very strong returns that valuations have moved to reflect that growth, particularly in the IT sector. The cyclical parts of the market are, on average, sitting at a noticeable valuation discount to the technology superstars. Both the cyclicals and the tech-leadership segments tend to be more volatile than the market on average, increasing the risk of holding them, particularly in an environment where investors are concerned about slowing growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In comparison, the defensive parts of the market currently occupy the happy middle ground between these two extremes. The volatility of the segment, is of course, significantly lower than the current market leadership and the cyclical names; and as we saw in August this may offer some protection against future spells of volatility and market drawdown. Valuations of the defensive cohort are, on average, cheaper than the technology-driven companies. However, valuations of the defensive grouping are a bit more than the most volatile cyclical segments, where investors are potentially being paid more to bear that additional risk. In an uncertain world, we think this middle ground approach is increasingly appealing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-figure-3-valuation-year-to-date-return-and-volatility\">Figure 3: Valuation, Year-to-Date Return, and Volatility<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1031\" height=\"469\" data-src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig3.jpg\" alt=\"Valuation, Year-to-Date Return, and Volatility\" class=\"wp-image-198078 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig3.jpg 1031w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig3-700x318.jpg 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig3-300x136.jpg 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig3-768x349.jpg 768w\" data-sizes=\"(max-width: 1031px) 100vw, 1031px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1031px; aspect-ratio: 1031\/469;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Past performance is not indicative of future results <\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-bottom-line\">The Bottom Line<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">After an almost serene progression upwards for equity markets in the first half of this year, the last couple of months have reminded investors that markets can go down as well as up, and that volatility can surface at almost any time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite recent outperformance of defensive sectors and lower-volatility investment strategies, we believe that it is not too late to think about risk.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Striking a More Defensive Posture<\/p>\n","protected":false},"author":1242,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[146,12,153,148,7],"tags":[291,314,316],"contributors-categories":[462],"class_list":["post-198075","post","type-post","status-publish","format-standard","category-macro","category-securities","category-stocks","category-text-articles","category-traders-insight","tag-macro","tag-market-outlook","tag-stocks","contributors-categories-state-street-global-advisors"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Striking a More Defensive Posture | Traders&#039; Insight<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-json\/wp\/v2\/posts\/198075\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Striking a More Defensive Posture\" \/>\n<meta property=\"og:description\" content=\"Striking a More Defensive Posture\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus EU\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-26T10:28:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-26T10:44:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig001.jpg\" \/>\n<meta name=\"author\" content=\"Julian Amorim\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Julian Amorim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"Article\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Julian Amorim\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/#\\\/schema\\\/person\\\/33613f54e9fc9f811b0e641082175d43\"\n\t            },\n\t            \"headline\": \"Striking a More Defensive Posture\",\n\t            \"datePublished\": \"2024-09-26T10:28:40+00:00\",\n\t            \"dateModified\": \"2024-09-26T10:44:27+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/\"\n\t            },\n\t            \"wordCount\": 791,\n\t            \"commentCount\": 0,\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/3\\\/2024\\\/09\\\/Fig001.jpg\",\n\t            \"keywords\": [\n\t                \"macro\",\n\t                \"market outlook\",\n\t                \"stocks\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"Macro\",\n\t                \"Securities\",\n\t                \"Stocks\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/\",\n\t            \"name\": \"Striking a More Defensive Posture - IBKR Campus EU\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/3\\\/2024\\\/09\\\/Fig001.jpg\",\n\t            \"datePublished\": \"2024-09-26T10:28:40+00:00\",\n\t            \"dateModified\": \"2024-09-26T10:44:27+00:00\",\n\t            \"author\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/#\\\/schema\\\/person\\\/33613f54e9fc9f811b0e641082175d43\"\n\t            },\n\t            \"breadcrumb\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/#breadcrumb\"\n\t            },\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.eu\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/3\\\/2024\\\/09\\\/Fig001.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.eu\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/3\\\/2024\\\/09\\\/Fig001.jpg\",\n\t            \"width\": 1032,\n\t            \"height\": 488,\n\t            \"caption\": \"Developed World 5-Year Volatility and August GICS Sector Returns\"\n\t        },\n\t        {\n\t            \"@type\": \"BreadcrumbList\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/striking-a-more-defensive-posture\\\/#breadcrumb\",\n\t            \"itemListElement\": [\n\t                {\n\t                    \"@type\": \"ListItem\",\n\t                    \"position\": 1,\n\t                    \"name\": \"Home\",\n\t                    \"item\": \"https:\\\/\\\/www.interactivebrokers.eu\\\/campus\\\/\"\n\t                },\n\t                {\n\t                    \"@type\": \"ListItem\",\n\t                    \"position\": 2,\n\t                    \"name\": \"Striking a More Defensive Posture\"\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus EU\",\n\t            \"description\": \"\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/#\\\/schema\\\/person\\\/33613f54e9fc9f811b0e641082175d43\",\n\t            \"name\": \"Julian Amorim\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.eu\\\/campus\\\/author\\\/julian1amorim\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Striking a More Defensive Posture | Traders' Insight","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.eu\/campus\/wp-json\/wp\/v2\/posts\/198075\/","og_locale":"en_US","og_type":"article","og_title":"Striking a More Defensive Posture","og_description":"Striking a More Defensive Posture","og_url":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/","og_site_name":"IBKR Campus EU","article_published_time":"2024-09-26T10:28:40+00:00","article_modified_time":"2024-09-26T10:44:27+00:00","og_image":[{"url":"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig001.jpg","type":"","width":"","height":""}],"author":"Julian Amorim","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Julian Amorim","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/"},"author":{"name":"Julian Amorim","@id":"https:\/\/ibkrcampus.eu\/campus\/#\/schema\/person\/33613f54e9fc9f811b0e641082175d43"},"headline":"Striking a More Defensive Posture","datePublished":"2024-09-26T10:28:40+00:00","dateModified":"2024-09-26T10:44:27+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/"},"wordCount":791,"commentCount":0,"image":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/#primaryimage"},"thumbnailUrl":"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig001.jpg","keywords":["macro","market outlook","stocks"],"articleSection":["Macro","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/","url":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/","name":"Striking a More Defensive Posture - IBKR Campus EU","isPartOf":{"@id":"https:\/\/ibkrcampus.eu\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/#primaryimage"},"thumbnailUrl":"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig001.jpg","datePublished":"2024-09-26T10:28:40+00:00","dateModified":"2024-09-26T10:44:27+00:00","author":{"@id":"https:\/\/ibkrcampus.eu\/campus\/#\/schema\/person\/33613f54e9fc9f811b0e641082175d43"},"breadcrumb":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/#primaryimage","url":"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig001.jpg","contentUrl":"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2024\/09\/Fig001.jpg","width":1032,"height":488,"caption":"Developed World 5-Year Volatility and August GICS Sector Returns"},{"@type":"BreadcrumbList","@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/striking-a-more-defensive-posture\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.interactivebrokers.eu\/campus\/"},{"@type":"ListItem","position":2,"name":"Striking a More Defensive Posture"}]},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.eu\/campus\/#website","url":"https:\/\/ibkrcampus.eu\/campus\/","name":"IBKR Campus EU","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.eu\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/ibkrcampus.eu\/campus\/#\/schema\/person\/33613f54e9fc9f811b0e641082175d43","name":"Julian Amorim","url":"https:\/\/www.interactivebrokers.eu\/campus\/author\/julian1amorim\/"}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/posts\/198075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/users\/1242"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/comments?post=198075"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/posts\/198075\/revisions"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/media?parent=198075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/categories?post=198075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/tags?post=198075"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/contributors-categories?post=198075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}