Are equities getting too frothy?
There are clear signs of frothy behaviour in equities, especially large US technology stocks, mimicking the run-up to the volatility explosion in February 2018. It's time to be cautious.
Equities: Momentum Continues
We ended the year with a bullish bias on equities (not the real economy) based on the recession of risks on the geopolitical front and huge amounts of liquidity being thrown at the market by central banks. Equities have continued to march higher and overnight the S&P 500 closed at another record high.