Asset Allocator's Soapbox: Craig Heron

The bull market in ‘risk assets' has been strongly re-affirmed, with a broad range of stocks and indices reaching new highs in April for a rally which started in earnest a year ago. On many measures we are in the sweet spot for equity returns, with global economic growth broadly recovering, monetary conditions still accommodative and inflation not yet enough of a problem to start pushing bond yields punitively higher. For those investors still mired in the "perma-bear" camp and eschewing all but the most defensive equity exposure, the first quarter of the year has been as painful as most...