"A 60:40 allocation to passive long-only equities and bonds has been a great proposition for the last 35 years… We are profoundly worried that this could be a risky allocation over the next 10."
- Sanford C. Bernstein & Company analysts, January 2017
"Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria."
- Sir John Templeton
"Life and investing are long ballgames."
- Julian Robertson
Introduction
A series of short-term interest rate cuts are already baked in the proverbial cake, and long-term sovereign yields have followed suit