The world economy and financial markets continue to progress through the later stage of the business cycle. This is not the time to overreach with aggressive, growth cycle positioning in an attempt to squeeze out every last drop of the ‘risk-on’ trade, which can put years of rationed, prudent financial planning at risk. We caution against extrapolating the trends of the past several years in the ‘darling’ sectors – things like emerging markets, information technology, or high yield bonds.

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