In a VUCA world, the key to success is to identify when it is sensible to follow the crowd and when it is not. Near- and medium-term gaps in current market narratives and perceptions lead to a simple conclusion - it is time for caution. As an “unconstrained” investor with no one to answer to but myself, my experience suggests three courses of action - take advantage of bouts of strength in the US equity market to reduce exposure to equities; exit corporate debt completely; and, get some cheap exposure to volatility as as tail-risk hedge for all risky assets.

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