Given that the world is closing in on the second-longest economic expansion in history, the current bull market is not so surprising. However, we have been ever mindful of the signs of market euphoria and the growing risks to capital preservation.

The last time we sent a note to our investors, we discussed that investors should hold on for the ride. Given that the world is closing in on the second-longest economic expansion in history, the current bull market is not so surprising.

However, we have been ever mindful of the signs of market euphoria and the growing risks to capital preservation. In the attached note, we lay out some of the concerns we have and provide an update on our regional portfolios.



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