Angel Sanz, CIO, Notz, Stucki & Cie, the Geneva based financial services provider, has suggested that while clients have a positive view on returns made through 2019 across equities, fixed-income, commodities, and hedge funds, they also remember what happened in 2018, when they suffered losses. The current environment is one in which all asset classes trade at rich valuations - fixed income government bonds yield between -0.5% to 2.0%; credit spreads are trading at levels similar to January 2018, before spreads widened; equities are trading at very expensive levels on a historical basis....
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