How to Unleash a Dragon

(Daily Alts) Over the last 12 to 18 months our strategy had shifted to one of capital preservation versus capital growth. We had perceived mounting macro headwinds that, in our estimation, shifted probabilities towards a pending equity bear market as opposed to a continuation of this historically long bull market. We executed this strategy by selling our losers, emerging markets & energy for example, raising cash levels and other bear market exposures.

Our resolve was soundly tested in August of 2015 and again in January of 2016 and in both instances we were satisfied with how our portfolios withstood the volatility. It was thus only natural to expect a March rally to resolve what at the time was a deeply oversold market.
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