The 1980s were a time of great movies, parachute pants, and even better music. Throw in the release of Pac-Man and the launch of MTV (when they actually played music videos), and the 80s were largely considered by some (me) to be the best decade ever! The 1980s also saw the start of one of the most impressive bull market runs in recent history: The start of the bond bull market.

The Federal Reserve (Fed) often uses the Jackson Hole Symposium to announce tweaks in policy. Other central bank leaders are also worth watching as investors try to perceive where rates will be in the coming months. In this piece, we discuss some of the opportunities and risks we see in the markets and the economy following the central banker confab. We close the piece with investment implications.

With volatility comes opportunity, and as valuations reset, overbought conditions recede, and support is found, we believe a buying opportunity back into this bull market will present itself over the coming months.

It’s different this time. The four (or five) most dangerous words in investing. We’ll take the risk and use those words here as we break down the recent decision by credit rating agency Fitch to downgrade U.S. government debt to its second-highest rating, AA+ (note that several countries in Europe, including Denmark, Germany, Netherlands, and Switzerland enjoy AAA ratings, as do Johnson and Johnson (JNJ) and Microsoft (MSFT)). We compare the potential market impact of this decision to what markets experienced in 2011 when S&P issued its U.S. debt downgrade.