Some may think of us as bubble detectors. We choose to see ourselves, instead, as risk managers. They might be different sides of the same coin: We look across the global markets to gauge to what degree they are being moved by greed or fear, with the aim of removing client assets from the market before those emotions become dangerous to all market participants.
When viewed in the context of the graph above, one could argue every asset is at some stage of bubble. The problem—and the opportunity—lies in understanding the size of the bubble, its chance of bursting, and whether