Is discretion the better part of valour?
June 2023: Whilst it’s been a tough start to the year for cautious investors, equity valuations – particularly in the US – suggest the rally could run out of steam, and cash now offers a tempting alternative. Moreover, with inflation stubbornly high, central bankers will be reluctant to intervene if markets encounter turbulence. Against this backdrop, we think caution is still justified.
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