Don’t fight the tape, advises the old adage. However, we caution that prices appear to be racing away from macro considerations. Back at the end of September and early October, when the fear of a repeat of Q4 18 colored narratives, we pushed back against it. Now the pendulum has swung too hard in the other direction. It does not mean that the markets cannot ‘overshoot’ further, but it does mean that markets are stretched and maybe running on fumes. It is a call for disciplined risk management and capital preservation strategies. It is not, after all, how much money one makes, but how much can be kept.