As we have argued in the past, the central banks’ unorthodox and lengthy monetary policy has undeniably inflated financial assets to some extent rather than restoring the actual economy to a normalized growth rate. Accordingly, volatility in the stock markets was at a dubious low level, meaning that stocks had rallied further without experiencing a major stock market correction. The expectation that the risk of financial markets to disappoint is high, we precociously adopted a more prudent investment strategy; we reduced our risky asset exposures in favour of cash.