Market strategist sees risks amid geopolitical tensions

STORY: McGough said, investors "need to be more pragmatic about making sure they maintain diversification," especially if geopolitical tensions continues while the economy is in a down turn.

"Having bond exposure is going to be beneficial in the next equity draw down because the Fed is going to cut rates to react to some sort of existential crisis, as they always do. In that case, you're going to get a buffer with bonds going up as rates going down. Typically, equities go down in that scenario, too. So I would just say maintain diversification, don't be too leveraged long into equities because there's a lot of risks that are starting to percolate that you should be aware of and how they would affect your portfolio."