Standard & Poor's downgrade of its US outlook to negative will have no effect on investing strategy, Rubino Financial President Michael Rubino told CNBC Monday.
"We think it’s about time that somebody realized that this great party we’re having is going to cost us a hangover of epic proportions. We’ve been leaning toward the conservative side for some time."
However, he thinks most people will ignore the downgrade's implications, and expects to see the market "move higher a little bit more from here before the third-greatest of all bounces ends finally."
Christopher Hobart, CEO of Hobart Financial Group, said S&P's downgrade "obviously...makes you think we’ve got to make some changes," although he didn't go into detail. "We’ve been anticipating a lot of this happening," he said.
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CNBC Data Pages:
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CNBC's Companies in the News:
Citigroup
Verizon Communications
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Disclosures:
Disclosure information was not available for Mike Rubino, Christopher Hobart or their companies.
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