A Market "Retrenchment" Ahead Looks Likely | Jonathan Wellum

March 22, 2026

AI Summary

5 min read

Jonathan Wellum, founder and CEO of RockLink Investment Partners, joins Adam Taggart to discuss navigating current market volatility amid geopolitical tensions, rising energy costs, and economic pressures. With 37 years in investing, Wellum emphasizes returning to core investment theses during downturns, maintaining discipline in portfolio management, and recognizing opportunities in resources while grounding decisions in long-term values.

Sticking to the Investment Thesis Amid Volatility

Wellum advises against emotional reactions like selling low during pullbacks, a common retail investor pitfall. Instead, revisit why positions were taken: Has the thesis changed? For sectors like precious metals, he notes the underlying case—global debt pressures and monetary system strains—remains intact despite short-term drops. Volatility presents chances to dollar-cost average into undervalued assets. He recalls past crises (1998 Long-Term Capital Management collapse, 2000 Nasdaq peak, 2008 financial crisis) to stress looking 2-4 years ahead, focusing on business fundamentals over daily noise. Technical indicators like the 200-day moving average breach get little attention; bottoms-up value analysis drives decisions.

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What you'll learn

1 (01:26) **Intro and Guest Background** - Host introduces Jonathan Wellum, founder/CEO of RockLink Investment Partners, Thoughtful Money's endorsed Canadian advisor
2 (02:29) **Keeping Perspective Amid Market Panic** - Advises staying calm, avoiding emotional sells during uncertainty like Iraq issues, private credit, resource declines
3 (03:37) **Revisit Investment Thesis in Volatility** - Core advisor role: remind clients why invested, check if fundamentals changed over 2-4 year horizon
4 (05:12) **Sell Discipline and Portfolio Framework** - Lacks upfront sell triggers lead to confusion; advisors enforce justification for holds/sells
5 (08:44) **Market Technicals and Fundamentals Warning** - S&P below 200-day MA signals potential downside; focus on macro headwinds over TA
6 (11:15) **Geopolitical Headwinds Fuel Recession Risk** - War disrupts Strait of Hormuz oil/fertilizers/LNG; global leverage, weak Europe/Canada growth amplify
7 (14:08) **Current Pullback Minor, More Volatility Ahead** - Markets off ~4-6% YTD but angst high due to unsettled geopolitics; brace for lag effects

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Show Notes

Canada financial advisor Jonathan Wellum of Rocklinc Investment Partners gives an update on the current stock market situation.He concerned that the odds of a "market retrenchment" look uncomfortably high now that oil prices are surging.#marketcorrection #oilprice #stockmarket _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It’s important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer’s unique goals, needs & risk tolerance.IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security’s or a firm’s past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2026 Thoughtful Money LLC. All rights reserved.