Tipping Point: Time to Cut Risk
Escalation of the Trump trade war with equities vulnerable to negative seasonality
We are releasing this note early this week because we wanted to convey our change in view immediately.
A lot has gone right for US equity investors in 2019 and until now, other than a tactical call to reduce global risk in May; we have remained steadfastly bullish on US equities. 2Q19 earnings were exceptionally strong relative to expectations, but rep…