Charles Schwab’s Liz Ann Sonders says she’s grown a good deal more cautious on stocks over the past few weeks.

“I have not become a market bear; but I am much more cautious than at any point in the past few years,” Sonders wrote in a recent note. On Yahoo! Finance, she explained: “We came into 2015, and even prior to that when I wrote my 2015 outlook that it was likely to be a more volatile year,” she said. “I think some of what happened more recently reinforces that, and gives me a little more angst that we might see a greater frequency of or a more significant pull back than what we’ve gotten used to in the last couple of years.”

But Sonders added that she doesn’t “have any fear that what we’re seeing here is the end of the bull market.” She said this could be the first year in a while in which global diversification pays off. She recommends being neutral on U.S. stocks, and overweight emerging markets. Sonders also talks about the current sentiment environment, and how it differs from that of recent years.