What 'Game of Thrones' can tell us about US equities

Investors unwilling to reduce exposure

In the hit TV series Game of Thrones, a common refrain is "winter is coming", writes Amundi Pioneer Asset Management's Andrew Acheson.

This is intended to signify not only the coming change in seasons, but the need to be prepared for difficult times ahead. In the series, seasons last a decade or more, so the pending arrival of winter is not to be taken lightly. We believe winter may be coming to the US equity markets, and it may come sooner than investors expect. ETF Snapshot: Investors pour over €7bn into US large caps The bull case for US equities is that economic indicators in the US are increasingly positive, as evidenced by the recent drop in the unemployment rate to 4.2%, the rise in the PMI index to a mu...