In today's episode, Dr. David Kelly is joined by Phil Camporeale, portfolio manager in our Multi-Asset Solutions group at JP Morgan Asset Management. Phil manages portfolios with a global opportunity set and, in doing so, is actively making decisions on how to allocate the pieces of the pie within portfolios. What's the optimal mix of stocks versus bonds? And then, how do you allocate within those sleeves? Where can you get the best bang for your buck in terms of returns while also managing risk in portfolios amidst an uncertain macro outlook? These decisions largely depend on relative valuations, the outlook for interest rates and growth, and the relative attractiveness of yields. Listen in to hear how Phil is shifting the dials in portfolios right now and what slice he's allocated to fixed income.