Rule of thumb: the more expensive a return is, the lower its prospective return. That’s simple. But sentiment and markets can become and stay irrational longer than investors can stay solvant, they say. So if you can not predict when the markets will turn, it’s probably better to check where the risks are and monitor them the best you can.
Summary quotes from a note dated Dec 1st: Continuer la lecture de « Merrill Lynch’s X Asset Views 2018: Higher, but Harder »