For professional investors only.
Quality traps, liquidity voids and central bank puts.
Portfolio shifts during the second quarter continued to be out of equities and into fixed income and reserves, as risk assets continued to appreciate and margin of safety declined.
The views expressed are those of the portfolio manager as of August 2019, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice.
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