With the stunning run-up in markets since 2009, investors can’t reasonably expect returns to continue at double the long-term average. At a time of exuberance, it’s important to remember markets are cyclical.The other takeaway from today’s valuations is that when the drawdown does come, it will be severe.
"Markets are waking up to the reality of the Trump hangover, which is going to mean a renewed focus on all the complacencies we’ve let build up in recent months. No surprise the mood has gone more than a little bit Risk Off." - Bill Blain