During an interview on "Varney & Co.," Thursday, head of Goldman Sachs personal financial management Joe Duran said that the market slowdown has already occurred, and that it's not a great idea to get out right now.
JOE DURAN: We break through, we might go down a little more, but you just need to remember, the peak in the market historically is 30 months after the Fed starts to increase rates. And secondly, the market predicts about twice as many recessions as actually occur. So I say to people, look, we're priced in a slowdown. It's already happened. So to get out now is basically saying that you think it's going to be worse than everybody already thinks it is. That's the hard thing about stock investing. The market anticipates and reflects everyone's collective fears and everyone is as bearish as they've been at five times over since 1990, we've had this level of bearishness 5 times. The market has always gone up afterwards over the next 12 months. So it doesn't mean we're not going to chop around a little more. But I would say it's not a great idea to be getting out right here.
WATCH THE FULL INTERVIEW HERE: