emphasis mine:
"The world economy and financial markets are receiving too much stimulus, which is a policy mistake but one that should help keep the tilt in favor of pro-growth assets for now. Still, selectivity and/or more portfolio insurance is warranted given that risk assets have already enjoyed an extended bull market and exhibit both frothy pricing and lofty earnings expectations. At some point, a shift to an outright defensive positioning will be warranted."
I.e.,
"... investors will need to remain nimble, and to be more restrained in their risk positions than would normally be warranted when global policymakers are providing a green light."
-- Phillip Colmar, MRB Partners Research
Sounds prudent to me
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