• In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the unhealthy state of the US equity market and why this should be of concern for investors. Reflecting this, institutional investors are currently the most risk averse since 2009 preferring to allocate to money market funds and bonds. Adding to the risk aversion is uncertainty over the US debt ceiling which once again threatens to send the US government into default next month.

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