Editorial companion

What stands out

On Bloomberg, Lori Calvasina, head of US equity strategy at RBC Capital Markets, called the market nervous but not panicking and walked viewers through the firm’s “Four Tiers of Fear.” That distinction matters because it separates headline angst from the kind of selling that actually moves long-term returns. For disciplined investors, her framework is a useful reminder to watch positioning and liquidity rather than react to every spasm of market chatter.