"The Fed's "no pivot" policy stance continues to drive the markets short-term. Investors remain at the mercy of volatile markets with little direction on where capital can find safety. Gold has not hedged inflation. Bonds have not hedged risk, and equities remain under continuous pressure.
The setup remains more bearish than bullish now that the recent advance appears complete. As such, we have further reduced our equity holdings, increased our cash levels, and remain underweight fixed income. As discussed previously, there is a developing opportunity to own long-dated Treasury bonds, but you will need to give that thesis time to play out into 2023."
Lance Roberts
No comments:
Post a Comment