“Bullish, but Head on a Swivel.”
Conditions remain supportive enough to stay engaged on the long side. Leadership is healthy, even though speculative, late cycle, and increasingly more global (emerging markets in particular). Related market action doesn’t yet quite support a decisive move away from US equities, but its moving in that direction.
Buyer beware: Wall Street’s push to unload its private deals directly onto Main Street may be a “Trojan Horse” offering.
We remain net long, engaged in leadership, short the laggards, but with our head on a swivel, monitoring for warning signs.
