Christian Mueller-Glissmann

Speaker stated they are "overweight cash" and "short fixed income" as a place to find safety in the current high-velocity, stagflationary phase of the conflict. The Iran conflict is a stagflationary shock where equities and bonds cannot hedge each other, leaving few safe havens. Short-duration fixed income and cash provide defensive ballast. LONG cash and SHORT fixed income is a tactical, defensive allocation for portfolio protection during this uncertain period, not intended to be held long-term. A swift diplomatic resolution to the conflict could reduce the need for such a defensive posture, making this a crowded trade.