For most prudent, thoughtful investors to go from "bull" to "bear" is a giant leap. In fact, that transition usually occurs in stages through a process of reassessment of the global risks, review of existing exposures, and teeing up of potential changes in positions should events unfold in a certain way. Ultimately one finds oneself close to if not already having taken that big step.
Readers of my articles and blogs over the past year will know well that I?ve been investing based on a positive view on global growth. Having visited many emerging markets over the past 10 years, I?ve seen firsthand how much infrastructure buildup needs to get done. By most measures, that is in fact what has been happening. Companies that play to those needs, such as material, machinery, resources, tech and business services, have generally performed accordingly.
Of late, much has been written about ?headwinds? that
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