The world economy is currently in a late-cycle phase, which usually means more money will pour into the most risky asset classes. But instead, a bubble is taking shape in the so-called safe harbor asset classes, according to Stephen Macklow-Smith, who is chief investment officer and strategist at US-based JPMorgan.
"Government bonds have become very expensive. So when investors construct their portfolios, they need to think through where they can seek shelter from the volatility, which will hit without a doubt when the recession comes," he tells Danish business daily Børsen.
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