“This year, investors have been gobbling up US treasuries in a desperate effort to search for safety. But would they have done better to grab Australian sovereign debt or Singaporean bank bonds, as a shield against political incompetence in a fractious world?
If the wealth management arm of Merrill Lynch is to be believed, the answer could be “yes”. This month, the US broker is quietly circulating a memo which tells its affluent clients to reposition themselves — and their portfolios — for a fundamental geopolitical shift.”
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