The troubles in Europe remain front and center in the minds of most rational investors causing risk aversion to rise and safe-havens to become bid. However, much has been made (mainly by those hoping to increase AUM) of the admittedly better-than-expected US macro data of the last month or so inferring US equities are the safe-haven. While we do not want to pour too much cold water on the exuberant animal spirits that a mediocre payroll print or fractionally higher PMI or an LEI that is
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