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October 2017 archive

October 2017

As we head towards the end of the year, Polygon’s portfolios are up 10-15% year to date—depending on the client’s risk aversion—despite a conservative orientation. Our current asset allocation model is approximately 65% equities, of which half is in the U.S.; the remainder (35%) is roughly 50% short-term bonds and 50% alternatives. We believe that continued caution is warranted, given high stock market valuations (particularly in the U.S.), coupled with heightened geopolitical risk.

Having recently spent several days in Washington I thought it might be of interest to report on a flurry of meetings which we participated in. These included the annual International Monetary Fund gatherings, as well as a series of roundtable discussions sponsored by the Bretton Woods Committee. Speakers included Central Bank Governors from France and Sweden, Mohamed El-Erian, Chief Economic Advisor for Allianz, as well as senior officials from the World Bank and the IMF.

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