Why investors must stay rational in final leg of bull market

With many asset classes having been pumped up to high valuations by central bank stimulus, we are concerned that investors are no longer receiving particularly generous rewards for taking market risk.

Late cycle indicators are beginning to accumulate: credit spreads are very tight, implied equity volatility is at extremely low levels, M&A activity has been rising and consumer debt is swelling. In this situation, rather than chasing returns, it makes sense to keep risk in portfolios at moderate levels. Majedie's Brass: Why I am sceptical of 'Trumponomics' impact Predicting the end of a bull market is a fairly futile task, as it is practically impossible to get the timing exactly right. This year is a decade since the start of the subprime mortgage crisis, 20 years since the As...