It is impossible to second guess the next move in markets given the underlying complexity of the war in Iran. Particularly given the impact that President Trump’s comments are having on markets. What is becoming increasingly apparent is that even with a swift resolution to the conflict, the disruption from the war will result in inflated energy costs for some time.

For decades, portfolios which combine 60% equities and 40% bonds have been the default for investors seeking growth tempered by stability.