EFGAM

If there’s one lesson for investors from the past five years, it’s that chopping and changing their strategy – even in the face of massive market turmoil – doesn’t always pay.

We’re in the Palm Pilot era of artificial intelligence, according to EFG Asset Management, and nobody knows what’s coming next. That hasn’t stopped the big tech companies becoming a portfolio construction headache in the here and now.

Investors holding out for a monetary policy hero will have to keep holding out. And as regulators put out spot fires in the global banking system, they’ll need to reckon with the new behemoths they’ve made.

Tidbits of good news will send equity markets soaring in the short-term. But the longer-dated fear is that central banks will be forced to respond to a financial accident without having dispatched the inflation genie.

Year-to-date, fixed income markets are about as bad as equities. But Michael Leithead, fixed income and senior portfolio manager at EFG Asset Management (EFGAM), is more positive than he’s been “in a long time.”