Investors fear rally might be running out of steam.

ON AA

With the European Central Bank's big liquidity injections behind us, the predominant view among investors has been fear that the rally might be running out of steam. I see the US-led recovery in global growth as more sustainable.

I have used periods of market weakness over the last few weeks to build up a large overweight position in risk assets for the first time since July 2011. Central banks and governments got a nasty shock when growth slumped last year. Easing moves made at that time are starting to take effect to the benefit of stock and commodity prices. Although political risks remain high in the euro area, the crisis could go into remission as long as the global backdrop is improving. The wobble in stock markets around the Greek debt restructuring deadline was not surprising. Sentiment had become excessi...