Michael Cuggino says market volatility creates opportunity for disciplined investors willing to rebalance rather than react to headlines. He favors diversification across U.S. equities, commodities, and precious metals, highlighting Morgan Stanley (MS) alongside defense and industrial names like Lockheed Martin (LMT) and Parker‑Hannifin (PH). While AI and defense valuations remain elevated, Cuggino argues that pullbacks and a global macro approach are key as deficits grow and energy pressures re-emerge.