Monday Macro: Caution warranted but not too much pessimism

I’ve made a small handful of changes to the two asset allocation tables, as I grow more cautious on equities and government securities. Plus private equity valuations are improving

There’ll be no letters next week (week commencing Monday 29^th April) as I’m away, in sunny Porto on a business trip – any recommendations of places to visit in or near Porto gratefully received, especially out of the city (I have a car for an afternoon). Normal service will be resumed the week after, i.e. Monday, May 6th.

I reckon it's time for an update…