Joe Barry, founder of Barry Investment Advisors, explains that markets may appear calm at a glance, but the quarter has been volatile beneath the surface due to geopolitical tensions and rising uncertainty. In response, portfolios have shifted more defensively with increased cash and reduced exposure to longer-term bonds amid persistent inflation and higher rates. Despite short-term swings, the focus remains on long-term positioning with global diversification, natural resources, and liquidity for future opportunities.