Assets are expensive. Inflation is rising. Risks are growing. Managers need to prepare themselves – and hope that the bull market lasts in the meantime.
When congratulated on Napoleon’s success on the day he was crowned emperor, his mother, Letitzia Bonaparte, famously replied: “Pourvu que ça dure.”
Let’s hope it lasts.
The same could be said for today’s market. For the past year, the only game in town has been a surging reflation trade, as equity markets have rallied from their post-pandemic lows.
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