Nomura recently issued a new tool called « Tactical Navigator » to help investor decide how much risk they should put in/redraw from their allocation. Currently, the message is: go hide yourself. Incidently, recent moves in financial markets says the same thing. YTD (only 10 days) performance for various asset classes show: MSCI World down 0.9%, 10Y Treasuries yield -24bp to 1.95% (!), gold up 2.7% to 1,216$/ounce and € down 2.1% against US$.