Is it too soon for investors to become less cautious?

To anyone who ever travels with children, the incessant question “are we nearly there yet?” will be a familiar refrain that punctuates any long distance car journey. It’s certainly a favourite of my seven-year old daughter. Now, I find myself sounding like her. That’s as I look at the dramatic declines across fixed income and equity markets and think about whether markets are now cheap enough for us to increase our tolerance for investment risk. So - are we nearly there yet? The answer right now is “not quite yet”.