Messy and Inconsistent

Wednesday, March 22nd, 2017   Categories: , ,

High equity exposure vs rotation into defensives

The rotation into US defensives has broadened over the last two weeks. There is a potential contradiction with the high exposure to equities recommended by our asset allocation model. We look at the maths underlying our asset allocation decision, historical precedents for US equities being overbought and international equity comparisons. A 5-10% correction followed by renewed strength, just about fits all the evidence.

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