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July 9, 2014
With summer comes a vacation, and with a vacation comes a journey. No journey is complete without packing the GPS and checking weather conditions. Similarly, no risk-minded investment is complete without first checking the financial climate—currently placid although history suggests it could soon turn—and reviewing the GPS of Global Markets. Our “GPS” for navigating market conditions (valuations) is pointing out that some areas of the financial markets are getting stretched. Core government bonds, credit markets and US equities are the most likely candidates for a bubble.