It’s been a summer to remember for investors, but for all the wrong reasons. The yield curve inverted, trade conflicts intensified, and the U.S. economy showed more signs of its age. But just as the summer inevitably turns to fall, investors may be wondering if the economy is moving into its next stage too. Could a recession be on the horizon? Maybe. Maybe not. Recessions are notoriously difficult to predict, even when signals are starting to flash red. But that doesn’t mean investors should do nothing. Since the stock market tends to lead the economy by several months it’s often better to be proactive. Late in the economic cycle can be a good time to re-evaluate portfolios, ensuring they are properly balanced and positioned for elevated volatility.