WHEN STOCK MARKETS began their three-year downward spiral in 2000, high-net-worth individuals – those with more than $1 million in financial assets – were among the first to move from equities to fixed income. While many pension plan sponsors dithered and finally moved into bonds only when they were already expensive assets, wealthy individuals showed themselves to be more nimble.
Today, the equity bear market appears to have run its course but the equity outlook is uncertain, bonds and credit have suffered a sharp correction, and currency markets may be at an inflexion point as the dollar strengthens and high-yield currencies fall.
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