Pimco's Fels Says a Lot Can Go Wrong in Next 3-5 Years

The video discusses the elevated risk of recession over a long-term horizon, emphasizing that near-term recession risks are low due to economic stability and cautious Fed policy. It highlights potential long-term risks, including external shocks from China and political risks in the Eurozone. The video advises investors to prepare for a potential recession by gradually de-risking and moving into safer credit spectrum areas, emphasizing the value of active asset management.

What external factors could contribute to economic instability according to the text?

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What role does active asset management play in preparing for economic downturns?

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