Once upon a time, there were safe havens in this world, places where investors could hide when the going got rough. If you believe this fairy tale world will persist, pinch yourself. In our assessment, not only are there no safe havens left, but instability may be the new normal. Is your portfolio ready?
In a ‘typical’ crisis, if there is such a thing:
• First, the equity markets tend to have a broad sell-off as risky assets become less popular. Historically, this is where the U.S. dollar or cash in general has been king. In the Eurozone debt crisis, in this phase, the Euro was sold as a proxy for all things bad in the Eurozone.
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