This morning it was reported that UBS, the largest Wealth Manager in the world had turned bearish on stocks, trimming its core equity position to underweight.

Now, however, it is getting close enough to an October 31st deadline to start thinking about how to position portfolios, especially as Parliament is set to return shortly.

My article on US Shadow Banks in the AFR last month.

The suggestion that the US SEC is considering easing restrictions on retail investors holding Private Equity raises some interesting questions.

Once again the market is focussed on a small move in short term interest rates by the US Federal Reserve and once again the narrative is all about how the US economy ‘needs’ this.