Top fund manager Rob Arnott says that it’s becoming “embarrassing” to admit you’re a bear lately, and that means it’s time to be cautious. “If you look at advisor sentiment surveys, you find that right now there are fewer bears than have been seen in these surveys except at extreme major market tops, such as in early 2000,” he tells Yahoo! Finance’s Breakout. “When it gets to be downright embarrassing to be a bear, doesn’t that make for a wonderful time to take some risk off the table?” Arnott says “we’re definitely in a slowdown relative to last year … and quite possibly already in recession.” But, he adds, there’s always something interesting to invest in. Right now, he likes emerging market debt and emerging market stocks.