David Bulteel

“The recent rally in global equities may signal that exuberance is reviving. Valuations may not look expensive but the tactical risks have increased. We would prefer to buy dips than fall into the trap of becoming more optimistic the higher the market rises. The more watchful tone in central banks’ statements is a reminder that investors may have become complacent about inflation. We remain cautious of bonds, where real and nominal yields give little reward for abandoning a deposit account.”