Bernard Aybran

“Our balanced portfolio is by now more conservative than is has ever been before: the equity weighting stands at 30 per cent whereas the money market is worth 40 per cent. At some point it will be time to add risk to the portfolio: several markets or sectors have fallen by 50 per cent or more in a matter of less than a year, so that valuations are now at such levels that buying opportunities arise. For instance, everything related to oil has been severely hit, while European stocks remain so unloved by the consensus, that a rebound would take everyone by surprise.”