Everyone is trying to work out whether to be “risk-on” or “risk-off” but these are not the only investment settings to take. We think data is supporting a tilt somewhere slightly left or right of center depending whether you are a pessimist or optimist. That’s pretty neutral territory, and to be honest, we don’t think that straddling the middle ground is a particularly bad place to be when outcomes remain binary and the cost of being wrong is high.
