That was the message from last week, as we discussed the reasoning for our increase of equity exposure in portfolios on an opportunistic basis.

Of course, besides the fact we are moving into the seasonally strong period of the year, the primary reasons for the increase in equity really came down to two simple factors:

Trump moving the put the "trade war" to rest (as we previously anticipated.)

The Fed moving to increase bond purchases and effectively launch QE4 (more on this in a moment.)

As noted in Tuesday's discussion:

"Readers are often confused by our more bearish macro views on debt, demographics, and deflation, not to mention valuations, which will impair portfolio returns over the next decade versus our more bullish bias toward equities short-term. That is understandable since the media wants to label everyone either a 'bull' or a 'bear.'