The long global bull market has clearly ended, as central banks begin to unwind their massive Quantitative Easing programs that followed the 2008 credit crisis. Several uncertainties, most importantly spreading tariffs and the threat of a global trade war, add to the unease. The impacts of central bank tightening and of rising inflation are underestimated by the markets, in our view. We are not expecting a collapse in markets any time soon; many markets managed to recover somewhat this past quarter after a weak first quarter which saw declines across the board. But the risk is increasing. Finish reading here: Portfolio Review 2018 2Q