Global Allocation Fund

Global Allocation Fund January 2018 Commentary – We have slightly increased our short exposure

Global Allocation Fund commentary for the month of January 2018.

There are two bubbles: We have a stock market bubble, and we have a bond market bubble. The trouble in the bond market will eventually be the critical issue.” - Alan Greenspan, Bloomberg TV, January 31, 2018

During January we have witnessed the surpass of various historical records that remained in the stock markets, especially in the USA. We have seen record purchases of ETFs and equity funds by the retail investors, which has definitely entered the . . .


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