THERE is no easy way to say this. Everything is going to fall, and there is really nowhere to hide.
The US Federal Reserve's quantitative tightening and interest rate hikes are weighing down global asset prices across the risk spectrum, and may well trigger pockets of instability in some corners of the market. Meanwhile, the value of cash is being eroded by inflation.
Big sell-offs are generally good buying opportunities for long-term investors, but getting inflation under control could mean a lengthy period of tighter monetary policy and a recession - which would cloud the outlook for corporate earnings for some time.
Investors should also be wary of excessive valuations garnered by some companies...