Until President-elect Donald Trump lays out his economic policy, investors need to wait on creating new investment strategies, say long-time portfolio managers.

“With change comes volatility and risk. Until we have a handle on policy and where it’s going, be patient with this,” said Robert S. Bacarella, founder of Monetta Financial Services and portfolio manager of Monetta Fund.

The stock market’s overnight plunge of more than 700 points on Tuesday night as election results were coming in and subsequent rebound the following day underscored the confusion in the markets as investors digested the news Trump was elected president. Although Trump spoke on the campaign trail about infrastructure spending and changes in financial regulations—leading to rises in companies in both of those industries on Wednesday—it’s too soon to bank on these ideas, said John A. Carey, executive vice president and portfolio manager for Pioneer Fund.

“If there are changes in trade policy here, there will be responses overseas. We just don’t know what kinds of response the changes in trade policy could have and the implication for companies,” Carey said.

Bacarella and Carey both spoke as part of a panel at Ariel Investments in Chicago Wednesday consisting of four of the six fund managers who founded mutual funds in 1986 and who remain the managers of their original funds.

It’s possible financial regulations related to Dodd-Frank could be relaxed, said John Rogers, lead portfolio manager for the Ariel Fund and founder of Ariel Investments, but Ariel is going to wait and see what happens. “There’s no upside in trying to get ahead,” he said.

Some pullback on the implementation of the fiduciary rule could happen under Trump, said, Mario Gabelli, chairman and chief executive officer of GAMCO Investors, but overall he said that rule makes sense.

Because of their long tenure, these four managers have witnessed several market-shaking events, and they offered perspective on how investors in general can keep focused to make clients money. Not surprisingly, their advice aligns with investing best practices: having patience when making an investment; the ability to look beyond the short term; knowing what you own so well that you can buy cheaply when the markets are in disarray; and staying true to your investment style.

Rogers said it’s understandable that people get risk adverse during times of uncertainty, but it’s important to not get caught up in “the noise.” Despite changes in Washington, Rogers said he sees an economy that’s recovering and improving.

“There are construction cranes everywhere. … Restaurants are full. Hotels are full. That’s reality. You can’t pretend it’s not reality,” Rogers said.

Looking ahead for areas of long-term investment growth, Gabelli said he’s interested in health and wellness for the long term, which includes the cost of health care, preventative measures, early disease diagnosis and other factors. He also sees growth in alcoholic beverage consumption, which he’s invested in.

As far as challenges for the next 10 years go, Carey said the industry needs to bring younger investors to the markets. Unlike baby boomers who were highly interested in investing, the millennial generation’s interest is subdued. He said that’s understandable considering the oldest millennials witnessed the bursting of the Internet bubble in 2000 and the financial crisis in 2008, so they remain wary of Wall Street. Without their participating in markets, the shareholder base will erode.

“We have to look at the buyers for investment products to secure enough support for the capital markets and increase interest in investing in the long term,” he said.