Time to hold cash again

In our opinion, we’re in a cyclical bear market for global equities. The centre of the global challenges in this bear market is China (& surrounding, related EM economies). As such, while US equities are expected to trend lower, US government bonds are an attractive safe haven. We would also recommend holding cash. Once every 7 or 8 years, holding high cash levels gives investors an opportunity to cherry pick investment opportunities as value emerges in down markets. (Chris Watling, Chief Market Strategist)