A tough market with plenty of uncertainty warrants high level of defensive assets

As reported by Bloomberg, Golman Sachs abandons five of six Top Trade calls for 2016 just 6 weeks into the year, including the US dollar versus a basket of euro and yen; yields on Italian bonds versus their German counterparts and U.S. inflation expectations.

Their adjustment underscores the volatility that has beset global markets. In the current environment a high level of defensive assets is warranted.

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