Cash is a screaming 'sell' but nothing is a screaming 'buy'.

ON ASSET ALLOCATION

T. Bailey's Elliot Farley on why he favours real over nominal assets.

Despite the risks, and in the absence of many other asset classes offering attractive returns, it would be a brave investor who abandons equities as a prime investment. Global growth continues ahead of long-term trend while, at the same time, for many nations inflation still remains below its long-term average. The situation represents a fine line for central banks to navigate - between continuing to encourage growth and controlling inflationary pressures. The UK, Europe and the US have each adopted different approaches to this challenge. Inevitably, interest rates will rise in the UK...