Skip to content

Green Book April 2015

Reluctant Market Bulls; Disciplines Remain Positive

We remain reluctant stock market bulls, with our disciplines supporting net equity exposure (targeting 55%) that “feels” too high based purely on instinct. We think our stay in the overcrowded bull camp will be short-lived, and we’re more and more worried that the eventual decline might develop into something more than a stock market event.


For full access, please enter your credentials.