The writer is chief market strategist for Europe, Middle East and Africa at JPMorgan Asset Management
Cash looks tempting. With interest rates for cash in the region of 5 per cent, why not avoid the volatility that comes with stocks? And with short-rates higher than longer-term interest rates, why lock up cash in a longer-term government bond?
It is easy to sympathise with this sentiment, currently dominating client conversations, particularly with the horrors of last year’s 20 per cent fall in stock and bond prices still weighing heavily on minds. However, shifting to a much larger cash holding in a portfolio would be the wrong thing to do.
Consider three possible scenarios for the global economy ahead: recession, resilience, or stagflation.
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