In periods of turmoil, the fight-or-flight instinct hardwired into humans shifts focus to manage the immediate risk in front of us. Similarly, navigating the ups and downs in recent weeks has shortened the horizon of focus for many investors. We are fielding lots of questions from investors on the appropriate near-term levels of equity exposure relative to benchmarks. The source of the question varies from client-to-client. Some are looking for a path to rebalance equities back to targets, others are opportunistically looking to capitalize on lower valuations, and some are asking if equity targets should be reduced outright.