Moving on to our main area of focus, stocks and it’s a scary picture as global equity indices halved in well under 2-years when oil prices surged in 1973. While there were no real alternative energy sources on the table back then, we are always cognisant of history and if MM develops a view that a repeat performance is likely we will quickly be adopting a very defensive strategy for obvious reasons.
MM is more cautious towards equities over the next few years
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