Anthony Rayner: Risk-on, risk-off - or both?

Choosing between risk-on and risk-off assets is a fairly permanent consideration for many investors as it has implications across the range of asset classes. In reality, it depends very much on the drivers of the particular episode - for example, gold might be a better haven than US Treasuries in an inflationary environment. At the same time, it is important to consider the state of the assets before the episode starts - for example, if bonds are extremely overvalued, with compressed yields, their safe haven potential will be more limited. Even if all of these factors are considered, ...