What is the #1 risk Australian equity investors should be concerned about and how is this impacting your portfolio positioning

What is the #1 risk Australian equity investors should be concerned about and how is this impacting your portfolio positioning? Jeremy Bendeich from Avoca Investment Management says high PE stocks are no longer an option for his fund. A subset of Australian equities, have become extraordinarily expensive. They share the following attributes - good businesses, high ROE, seemingly predictable earnings growth but with extremely high PE's. When ultra-low global interest rates begin normalizing these stocks will suffer. We have robust valuations for these stocks, we can no longer own them despite their momentum and have accordingly sold down most of our exposure to these equities.