"Buy America" Now A Heavily Crowded Trade
Global Thinking
English - July 30, 2019 18:27 - 15 minutes - 18.2 MBInvesting Business Education etfs factors gtaa global institutional pension undercurrents activemanagement advisors assetallocation Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: What could go right?
Next Episode: Macro Update with Mark Noble and Horizons ETFs
The first half of 2019 has been all about America. US Large Caps have trounced their global counterparts, making portfolio diversification seem like a rather quaint idea. Now, positioning in US equities, treasuries and the dollar sit at highs in the face of stumbling economic growth.
At times like this, it is always useful to revisit the role of the portfolio manager: why do clients pay us to manage their wealth? It is not for flawless clairvoyance. Rather, we are paid to anticipate probable risks, prepare for opportunities and, importantly, not to lose of proverbial minds when everyone else has lost theirs.