Time to change the investment recipe.

(…) Investors find it tough to let go of recipes that have worked well for years.

That is the case today as they are tempted to keep betting on the ingredients of healthy risk appetite, liquidity and economic hope — the product of seven years of highly accommodative monetary policies.

But the situation has already changed.

A global economic slowdown and the deflationary impact of overcapacity in China are on a collision course with the dwindling potency of central banks’ attempts at monetary support.

The economic cycle has moved on in the US.

(…) Taking risk off the table might feel excessive or too early at first.

(…) The fragility of world equity markets today warrants a low risk exposure, with that exposure focused on companies with proven pricing power and top line growth visibility.

Back to fundamentals.

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