Of men and mice and some things nice

The investment message below is that we are long equities. Not forever. But for now. And we prefer cyclical sectors over the FAANGs. We remain neutral on the major currencies. The scenarios depicted here point to everything that is good for equities being bad for bonds. And vice versa. So negative bond/equity correlations are back. One provides a diversification for the risk of the other. We have retained gold as a risk hedge too. That is worth bearing in mind when you consider the binary, time-limited nature of the events to come.

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