What do you believe to be the most crowded trade at the moment? Why is this a place you would not want to be positioned? "Long European bonds – we do not deal directly here but acknowledge that the ECB has mismanaged the Euro financial system. The delay in undertaking QE and the flagging of the purchase of negative yielding bonds created massive front running. The ultimate result has been a rapid expansion of PERS in European stocks (mainly German) that suggests that our offshore portfolios need to remain underweight to the German equity market. Its recent 8% correction is telling."