Morgan Stanley Wealth Management is worried and tells clients to get diversified

With the S&P 500 index touching a new all-time high Wednesday, U.S. stocks remaining pricey and valuations appearing stretched, investors should make sure to keep a diversified portfolio, according to Morgan Stanley Wealth Management.

"Policy uncertainty from the new administration appears underpriced. 2025 is not at all like 2017, and we view the risks as much higher," said Lisa Shalett, chief investment officer and head of the wealth management unit's global investment office. Here's what Shalett suggests investors do.

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