It must be something about Davos. Just as in January 2018, in 2020, high profile names have again spoken out about the attractiveness of the equity market despite its strong run up and, conversely, the unattractiveness of cash. Ray Dalio, in an almost like-for-like rerun of his 2018 interview in Davos, spoke about how “cash is trash”. His co-CIO Bob Prince then went one step further and laid out how “we’ve seen the end of the boom-bust cycle”. Davos’s sentiment is, as always, likely wrong - but this time, because it’s too complacent. The economic cycle is not over - boom/bust has not been b...